Great News for SBI Customers! State Bank of India (SBI) has substantially reduced charges for non-maintenance of Average Monthly Balance (AMB) in savings accounts. The revised charges will be effective from April 01, 2018.
The charges for non-maintenance of AMB for customers in Metro and Urban centres have been reduced from a maximum of Rs. 50/- p.m plus GST to Rs. 15/- p.m. plus GST. Similarly for Semi-Urban and Rural centres the charges have been reduced from Rs. 40/- p.m plus GST to Rs. 12/- and Rs. 10/- p.m. plus GST respectively.
Bank also offers its customers to shift from regular savings bank account to BSBD account on which no charges are levied.
SBI Monthly Average Balance For Saving Account
For metro cities, initially the minimum balance to be maintained was Rs 5,000, but later in September 2017 the bank brought it down to Rs 3,000. Currently, in urban areas it’s Rs 3,000, while for semi-urban and rural areas, it is Rs 2,000 and Rs 1,000, respectively. The bank had exempted pensioners, beneficiaries of social benefits from the government and accounts of minors from levy of these charges.
SBI Latest Minimum Balance Charges (April 1, 2018)