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SBI Slashes its Minimum Balance Charges to Rs 15
One of India's largest banks, State Bank of India reduces its charges of non-maintenance of average monthly balance by nearly 75% to Rs 15. The bank now charges Rs 50 for the same. The new rates will
One of India's largest banks, State Bank of India will reduce its charges of non-maintenance of average monthly balance by nearly 75% to Rs 15. The bank now charges Rs 50 for the same.
The new rates will be effective from April 01, 2018. This will benefit over 25 crore customers.
Maximum charges
The maximum charges on non-maintenance of average monthly balance effective from 1st of April, 2018 will be:
Metro and Urban branches: Rs 15
Semi-urban branches: Rs 12
Rural branches: Rs 10
GST will be applicable above these rates. Pensioners, minors, students upto 21 years of age and beneficiaries of social benefits are exempt from this.
Minimum Account Balance
Metro and Urban branches: Rs 3,000
Semi-urban branches: Rs 2,000
Rural branches: Rs 1,000
Breaking down charges applicable
| Metro & Urban | Existing Charges | From 1st April |
|---|---|---|
| Shortfall less than or equal to 50% | Rs 30 + GST | Rs 10 + GST |
| Shortfall more than 50% but less than 75% | Rs 40 + GST | Rs 12 + GST |
| Shortfall more than 75% | Rs 50 + GST | Rs 15 + GST |
| Semi Urban | Existing Charges | From 1st April |
| Shortfall less than or equal to 50% | Rs 20 + GST | Rs 7.5 + GST |
| Shortfall more than 50% but less than 75% | Rs 30 + GST | Rs 10 + GST |
| Shortfall more than 75% | Rs 40 + GST | Rs 12 + GST |
| Rural | Existing Charges | From 1st April |
| Shortfall less than or equal to 50% | Rs 20 + GST | Rs 5 + GST |
| Shortfall more than 50% but less than 75% | Rs 30 + GST | Rs 7.5 + GST |
| Shortfall more than 75% | Rs 40 + GST | Rs 10 + GST |
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