SBI announces penalty for not maintaining minimum balance
Posted on: 04/Mar/2017 11:43:41 AM
If your SBI account does not have the minimum balance maintained, according to a new announcement from the bank, you may have to bear with a penalty from 1st April. The bank had published a statement on its website where penalty charges effective from 1st April is articulated.
A sum of Rs. 5000 is the minimum balance to be compulsorily maintained in metropolitan areas. In urban, semi-urban and rural areas, the minimum balance to be maintained is Rs. 3000, Rs. 2000 and Rs. 1000. It is to be noted that these charges are based on the amount different between minimum balance and shortfall. For example, if in metropolitan areas, there is more than 75 percent shortfall, there will be Rs. 100 plus service tax as charges.
The bank’s notification about new charge states that for short fall between 50 and 75 percent, a charge of Rs. 75 plus service tax will be applicable. For shortfall below 50 percent, the charge will be Rs. 50 plus service tax.
In rural regions, penalty will be of the range Rs. 20 to 50 with service tax added, according to the bank notification. When customers make more than 3 transactions, a charge of Rs. 50 will be applicable.
