SBI minimum Balance and penalty: If you are also an existing SBI saving bank account holder then this news is very important for you. SBI and other bank has a specified minimum Balance which if not maintained can cost you fines and penalties. Minimum account balance in SBI earlier was 5000 and if your Saving account balance was less then the specified minimum balance then you were charged penalty ad fine.
SBI new minimum balance, penalty and ATM limit
According to latest news SBI has reduced the minimum Balance of Rupees 5000 to Rupees 3000. That means now your account balance can be less then 5000 but above 3000.
The second important news for SBI account holder is that if you default in maintaining the minimum account balance of rupees 3000 and your balance is 50% of the minimum account balance to be maintained that is rupees 1500 then you will be charged 10 GST as a fine per day and if your minimum balance is below 75% of the stated minimum balance to be maintained that accounts to Rs. 750 then you will be charged Rs. 15 GST as a penalty per day.
To sum up the above facts the below table is given below.
|Charge if low (fine)||–||Rs. 10||Rs. 15|
ATM Transaction limit and Capping
Another Update for SBI account holder is that if your Average Monthly Balance (AMB) is 25,000 then you can do 2 ATM free transaction from your saving bank account. If your AMB is between 25000 – 50000 the you get 8 extra transaction apart from the earlier 2.
If your account average monthly balance is between 50000 to 1 lakh rupees then total 15 ATM transaction can be done in a month. Exceedng the monthly capping of ATM transaction mentioned above will cost you Rs. 50 extra plus GST per transaction. However if your monthly AMB is above 1 lakh then you get unlimited ATM transaction in a month no capping is made.