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SBI Cuts Minimum Balance Charge. Here’s What They Charge Now

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Account holders will be liable to pay only Rs. 15 a month for not maintaining a minimum balance.

SBI Cuts Minimum Balance Charge. Here's What They Charge Now

The country’s largest bank, State Bank of India (SBI) has slashed its penalty charges for not maintaining a minimum account balance in Savings Bank Account by 75%. The charges for non-maintenance of Average Monthly Balance (AMB) for customers in Metro and Urban branches have been reduced from Rs. 50 per month to Rs. 15 per month. On the same lines, the charges have been reduced from Rs. 40 a month plus GST to Rs. 12 and Rs. 10 plus GST charges for semi-urban and rural centres, respectively. The revised charges will be effective from April 01, 2018.

Let us take a look at the monthly minimum balance that is required to be maintained by some of the leading banks in the country, and what penalty one has to pay in case they fail to do so.

Savings Bank Account Charges (For Metro cities)

BANK Account Detail MAB/QAB (Rs) Penalty on non-maintenance of MAB/AQB
SBI SBI Savings Bank Account 3000 (MAB) Up to Rs. 15 per month**
PNB Savings Account (General) 2000 (QAB) Up to Rs. 250
IDBI Super Savings Account 5000 (MAB) 4% per month on the differential
amount of MAB & Actual Avg Bal
maintained (Min Rs. 100)
ICICI Bank Regular Savings Account 10000 (MAB) Rs. 100 + 5% of the shortfall in required MAB
HDFC Bank Regular Savings Account 10000 (MAB) Up to Rs. 600
Corporation Bank CorpBank Savings Account 500 (QAB) Up to Rs. 100 per quarter
Canara Bank Savings Bank Account 1000 (MAB) Up to Rs. 40/ Month

*MAB: Monthly Average Balance
QAB: Quarterly Average Balance
Penalty and charges may include applicable GST as per prescribed rate
Data taken from respective bank’s website, as on 13 Mar 2018
**As per media report

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