SBI has Reduced the Charges for Non Maintenance of Minimum Balance

Dear Aspirants here we have given brief details about SBI charges for non maintenance of minimum balance in the exam point of view. Candidates those who are preparing for IBPS / SBI / SSC / Insurance exam and all other competitive exams can use this.

About State Bank of India:

State Bank of India, which was India’s largest bank, merged with five of its associate banks (State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore), and with the Bharatiya Mahila Bank. This was the first ever large scale consolidation in the Indian banking industry. With the merger, SBI became one of the 50 largest banks in the world.

The bank merged from the Bank of Calcutta, founded in 1806, via the Imperial Bank of India, making it the oldest commercial bank in the Indian subcontinent. The Bank of Madras merged into the other two “presidency banks” in British India, the Bank of Calcutta and the Bank of Bombay, to form the Imperial Bank of India, which in turn became the State Bank of India in 1955.[8] The Government of India took control of the Imperial Bank of India in 1955, with Reserve Bank of India (India’s central bank) taking a 60% stake, renaming it the State Bank of India. In 2008, the government took over the stake held by the Reserve Bank of India.

SBI Cuts Charges for Non Maintenance of Minimum Balance

State Bank of India (SBI) has lowered its charges for non-maintenance of average minimum balance in its savings accounts by up to 75 per cent. SBI currently charges a penalty for non-compliance with its average monthly balance rules depending on the type of branch and degree of shortfall. India’s largest bank SBI said the revised charges will take effect from April 1, 2018 and the move will benefit 25 crore customers. The minimum balance charges were reduced “keeping in view the feedback from various stakeholders

SBI also said its customers have the option of converting a regular savings account held with the bank to a basic savings bank (BSBD) account free of charge “in case he desires to avail basic savings bank facilities without being subject to maintenance of AMB”.

Summary of Branch wise Charges:

Slab Existing Charge New Charge
Urban Branch
Shortfall of ≤ 50% Rs.30 + GST Rs. 10 + GST
Shortfall of > 50 to 75% Rs. 40 + GST Rs. 12 + GST
Shortfall of > 75% Rs. 50 + GST Rs. 15 + GST
Semi Urban Branch
Shortfall of ≤ 50% Rs.20 + GST Rs. 7.50 + GST
Shortfall of > 50 to 75% Rs. 30 + GST Rs. 10 + GST
Shortfall of > 75% Rs. 40 + GST Rs. 12 + GST
Rural Branch
Shortfall of ≤ 50% Rs.20 + GST Rs. 5 + GST
Shortfall of > 50 to 75% Rs. 30 + GST Rs. 7.5 + GST
Shortfall of > 75% Rs. 40 + GST Rs. 10 + GST