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Home / Finance / Banking / How much fine for not maintaining minimum balance in SBI?
Q.

How much fine for not maintaining minimum balance in SBI?

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0 2022-09-22T20:57:31+00:00

Hey,

I was looking for a bank where I didn't have to worry about maintaining a monthly MAB ( minimum account balance). I asked several colleges ‘is there penalty for not maintaining minimum balance in SBI ?’ They told me that there is a penalty on saving account holders.

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In August 2020, charges for not maintaining minimum balance in SBI were waived off. This gave bank holders relief for some time. Though the bank has now revised the rule and if you don't keep the minimum balance, you will start to incur a fee on a monthly basis. 

All semi-urban SBI branches require the account holders to maintain a monthly balance of INR 2,000, whereas customers in rural SBI branches need to maintain a monthly balance of INR 1,000.

How much fine for not maintaining minimum balance in SBI?

On the SBI website, it is mentioned that the penalty for non-maintenance of the monthly average balance is 6 per cent of the shortfall or ₹ 500, whichever is lower. This fee is applicable on all SBI branches across India. Customers in rural locations will have to pay a penalty of ₹100 + 6% of the shortfall. 

This is all from my end on penalty for not maintaining minimum balance in SBI. 

Read more :

what happens if minimum balance is not maintained

What is the minimum balance in Indian bank ?   

How much HDFC Charges for Not Maintaining Minimum Balance?   

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