SBI to Hike Minimum Balance for Savings Account to Rs 5,000

Currently, SBI has 31 crore savings bank accounts. SBI has decided to increase the minimum balance required for maintaining savings account from April 1, hitting 31 crore depositors including pensioners and students.

As of now, monthly average balance (MAB) for a savings bank account is Rs 500 without facility of cheque book and Rs 1,000 with cheque book across the country. The MAB requirement has been increased to Rs 5,000 for branches in six metro city.

SBI and its five associates will have to maintain the monthly balance or else they will invite a penalty ranging from Rs 20 rural branches to Rs 100 in metro cities. India's largest bank has now decided to fix separate MABs for 'metro', 'urban', 'semi-urban' and 'rural' areas from the beginning of next financial year.

Here are all the new charges that will appear from April 1: 

  • The bank will begin charging Rs 50 after the initial three cash deposits of the month. This point of confinement is recommended for sparing ledgers.
  • For current account holders the money transfer charges can be as high as Rs 20,000.
  • The account holders should keep up a base adjust or Monthly Average Balance (MAB).
  • The charges and MAB differs as indicated by the area of bank. It is least in the event of country branches.
  • There will be no charge on withdrawals from SBI ATMs if the record holder keeps up a base adjust of Rs 25,000.
  • In the event that the record holder is missing the mark concerning 50 for every penny or less of the MAB, then the bank will charge Rs 50 or more administration assessment. 
  • Money withdrawal from ATMs will be charged after the initial three exchange for different banks and initial five exchanges from SBI ATMs. 
  • In metropolitan areas like Delhi, Mumbai, Chennai and Bengaluru there will be a charge of Rs 100 or more administration assessment, if the adjust goes beneath 75 for every penny of the base normal adjust.
  • The record holder will be charged Rs 20 after the three exchanges from other bank ATMs and will be charged Rs 10 for withdrawals from SBI ATMs.
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