SBI declared a waiver on maintenance of minimum account balance in your account, so know the latest information on minimum balance charges discontinued notification and checking process and penalty…
SBI is India largest Bank which is associated with almost every government Institute and also private institute for banking services. Hence State Bank of India holds around 44 crores of active customers, who daily access the banking services through different modes. There are various types of accounts in SBI. So they have their own limitations in terms of maintaining Balance and Transaction limitations.
Moreover Every account holder does have their account in SBI, which can use for credit or debit of amount. So SBI Minimum Balance charged from the customer who didn’t maintain the limited account balance as guided by banking regulations.
State Bank of India Minimum Balance Charges Discontinued Notification
SBI brings relief to 44 crore customers by remaining the limitation and penalty charges on mandating SBI Minimum Balance. Customers will not freely utilize their full account balance anytime without having a fear of getting charges. As well the SMS charges on the SMS facility has also removed by State Bank of India. Customers will not charge by any means from the bank, if they don’t maintain account balance.
In a recent announcement from SBI vide circular R&DB/BOD/BOD-SC/133/ 2019-20 dated 13.03.2020, there has been a big relief for the customer in terms of waiving of SBI AMB as NIL effective from 11.03.2020 for maintaining Minimum Balance. SBI Minimum Balance criteria has lifted and the customer not charged for not maintaining any account balance for the following account categories.
- Surabhi SB (Excluding All Salary Package Accounts)
- No Frill Accounts,
- Basic Savings Bank Deposit,
- Small & PMJDY A/Cs,
- Pehla Kadam and Pehli Udaan accounts,
- Minors upto the age group of 18,
- Pensioners of all categories
- Recipients of social security welfare benefits (Direct Benefits)
- Students upto the age of 21 years
In early years, it’s required to maintain the common balance in Savings account as per their account type in Urban or Rural area. The following is the old charges indicated
SBI Minimum Balance Charges for Saving Account upto 10.03.2020
|Area||Minimum Balance (INR)|
Moreover there was a penalty of 5 INR to 15 INR which used to apply on SBI savings accounts, for whom have not maintained the minimum balance.
State Bank of India does pay a 2.7 percent as SBI Savings Account Interest Rate on the savings bank account. Where customers benefited by maintaining the balance in their accounts will got interest also. There were various limitations which now lifted and customers are free from maintaining any balance. In this way you are free from SBI minimum balance zero penalty charge.
SBI Minimum Balance
|Type of Current Account||Average Monthly Balance in Rs||Penalty Charges of Non AMB in Rs|
|Normal Current Account||10000||500+GST|
|Regular Current Account||10000||500+GST|
|Smart Collection Current Account||5000||500+GST|
|Gold Current Account||100000||2000+GST|
|Master Collection Current Account||100000||2000+GST|
|Diamond Current Account||500000||4000+GST|
|Platinum Current Account||1000000||8000+GST|
|Reimbursement Current Account (For Corporate Salary Package)||Nil||FREE|
The above charges is available on current accounts only and may changed from time to time upon notification by State Bank of India. For more info, please visit sbi.co.in
- Does SBI minimum Balance apply on Salary Account?
The State Bank of India was laying the penalty charges on the Savings account customer for not maintaining minimum balance and waived off from 11.03.2020. The charges however change based on the locality and zone of the customer bank and is only limited for the Savings account but no other Accounts from SBI.
- Where does SBI Minimum Balance Penalty deducted?
The State Bank of India deducts the Penalty charges from your bank account balance, whenever customers add an amount in their account. SBI directly deducts the charges and will get the account in negative balance if there is no amount in account.
- Should I maintain SBI Minimum Balance all over Month?
The SBI minimum Balance (AMB) has now been removed by the State Bank of India from 11.03.2020, however the customer had to keep minimum account balance in their account. If minimum balance is not maintained for more than the limited period described by SBI, the penalty charges will not be applied for Savings account, but continues for Current account.