Do you’ve an account in SBI? Maintain a minimum balance to avoid paying fine

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Mumbai, March 4: Post-demonetisation, the State Bank of India has come up with strict rules as far as account holders are concerned. According to a report published by The Economic Times, the government-owned corporation has made it compulsory for account-holders to maintain a minimum balance.

The report added that the SBI will be charging defaulters a penalty from April 1 onwards. The SBI's latest rule stated that from now onwards, a customer in a metropolitan area should maintain a balance of Rs 5,000 in his/her account. The account holders in urban areas should maintain a balance of Rs 3,000. Those in semi-urban and rural areas should maintain a balance of Rs 2,000 and Rs 1,000 respectively.

Arundhati Bhattarcharya

"These charges will be based on the difference between the minimum balance required and the shortfall. For metropolitan areas, if the shortfall is greater than 75 per cent. The charges would be Rs 100 plus service tax.

"If the shortfall is between 50-75 per cent, the bank would charge Rs 75 plus service tax and for below 50 per cent shortfall, a fee of Rs 50 plus service tax would be levied," according to the SBI notification of new charges.

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