SBI Slashes its Minimum Balance Charges to Rs 15

SBI Slashes its Minimum Balance Charges to Rs 15

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:

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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

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

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

 

Source by goodreturns…

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