New minimum balance rules announced recently by State Bank of India. The new charges will be applicable from April 1, 2018.
SBI reduced the minimum balance penalty charges to 75 percent, currently charges a penalty for non-compliance with its average monthly balance rules.
According to the last notification by the bank, the SBI customers holding savings bank accounts with the bank’s metro and urban branches were required to maintain a monthly balance of Rs 3000 from October 1. The customers in semi-urban SBI branches were required to maintain Rs 2000 monthly balance and the rural branch customers had to maintain Rs 1000 balance.
Now, the AMB for customers in Metro and Urban centers have been reduced from a maximum of Rs. 50/- p.m plus GST to Rs. 15/- p.m. plus GST. Similarly, for Semi-Urban and Rural centers the charges have been reduced from Rs. 40/- p.m plus GST to Rs. 12/- and Rs. 10/- p.m. plus GST respectively.
Here are the new rates by SBI:
| Metro & Urban (average monthly balance Rs. 3,000) | Existing Charges per month | Proposed Charges per month |
|---|---|---|
| Shortfall up to 50% | Rs. 30 plus GST | Rs. 10 plus GST |
| Shortfall of more than 50 percent up to 75 percent | Rs. 40 plus GST | Rs. 12 plus GST |
| Shortfall of more than 75 percent | Rs. 50 plus GST | Rs. 15 plus GST |
| Semi-Urban (average monthly balance Rs. 2,000) | ||
| Shortfall of less than 50 percent | Rs. 20 plus GST | Rs. 7.50 plus GST |
| Shortfall of more than 50 percent up to 75 percent | Rs. 30 plus GST | Rs. 10.00 plus GST |
| Shortfall of more than 75 per cent | Rs. 40 plus GST | Rs.12.00 plus GST |
| Rural (average monthly balance Rs. 1,000) | ||
| Shortfall up to 50 percent | Rs. 20 plus GST | Rs. 5.00 plus GST |
| Shortfall of more than 50 percent up to 75 percent | Rs. 30 plus GST | Rs. 7.50 plus GST |
| Shortfall of more than 75 percent | Rs. 40 plus GST | Rs. 10.00 plus GST |