SBI minimum balance has been revised to new rates from October 2017.The present required SBI account minimum balance for savings account will be Rupees 3000.But it varies depending on your Bank branch location and type of savings account.State Bank of India does not impart minimum balance requirements and fine for not maintaining such amount to certain bank accounts.SBI accounts which do not requires minimum balance maintaining are PM’s Jan-Dhan accounts and basic savings accounts.This was really a good initiative since about 13 crore savings accounts belongs to such category.The detailed minimum account balance for SBI savings banks are explained below.
State Bank of India now includes its allied banks like State bank of Travancore, State Bank of Mysore, State Bank of Hyderabad ..etc So the minimum balance requirement for savings bank accounts applicable to all such banks.That is the deduction rate or fine for not maintaining minimum balance will be same but there is a catch.The minimum balance fine rate varies according to the location of your bank branch. It depends whether your bank located at a metro, Urban city or rural area.The minimum balance fine descends from metros to rural areas.Here the exact fine deductions for not maintaining a minimum balance in your SBI account after October 2017.
SBI minimum Balance requirements for Savings Bank Accounts
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SBI minimum balance required for Basic Savings Accounts: NIL.
SBI minimum balance amount required for Jan-Dhan savings accounts: NIL.
SBI minimum balance Fine Charges for Metro cities: Rupees 3000 (earlier it was 5000 INR).
SBI minimum balance Penalty Charges for Urban and Semi-Urban branches: Rupees 3000.
For SBI branches in Rural areas: Rupees 1000 only.
How to check Minimum Balance fine deduction from Account?
You will be notified by an SMS from Bank regarding minimum bank requirement.If your account balance falls below any of the above MAB (minimum account balance) conditions you could expect an official SMS from SBI.The amount will be deducted in upcoming month for current month MAB fines.Note that SBI may deduct the fine partially or in full amount depending on available balance in your account.