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Friday, March 3, 2017

SBI Announces Penalty For Not Keeping Minimum Balance In Accounts

Making it compulsory for account-holders to maintain a minimum balance, the State Bank of India (SBI) on Thursday said it will be charging defaulters a penalty from April 1 onwards.

Making maintenance of Rs. 5,000 mandatory for accounts in metropolitan areas, Rs. 3,000 in urban areas, Rs. 2,000 in semi-urban areas and Rs. 1,000 in rural areas, the SBI listed out the charges to be effective from April 1.

These charges will be based on the difference between the minimum balance required and the shortfall. For metropolitan areas, if the shortfall is greater than 75 per cent. the charges would be Rs. 100 plus service tax.  

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