business, India

SBI to penalise for not maintaining minimum balance from April 1

In another shock to the customers, the State Bank of India has declared that its account-holders will be penalized for not maintaining a minimum balance from April 1 onwards. The bank had listed out charges to be made effective from April 1, on its website.

While for the metropolitan areas, the minimum balance will be Rs 5,000, in urban, semi-urban and rural places, the charges will be Rs 3,000, Rs 2,000 and Rs 1,000 respectively.

The bank also made it clear that the charges will be on the basis of the gap between the minimum balance needed and the shortfall. For example, if the shortfall in metropolitan areas is over 75%, the charges would be Rs 100 plus service tax.

Moreover, if the shortfall is between 50-75%, the bank would charge Rs 75 plus service tax while if it is below 50%, a charge of Rs 50 plus service tax.  For rural areas, the penalty would be from Rs 20-50 plus service tax.

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