SBI, the country’s largest bank has cut down the charges for not maintaining minimum balance in savings account by 75%. Urban & Metro branch customers who used to pay Rs. 50 + GST per month for not maintaining Average Monthly Balance (AWB) now needs to pay only Rs. 15 + GST per month. Similarly, Semi-urban and Rural branch customers need to pay only Rs 12 + GST/ month and Rs 10 + GST/ month respectively instead of Rs 40 + GST/month. These updated charges were effective since April 1, 2018.
Here is a detailed list of penalties charged by other leading banks in the country for Metro regions:
|BANK||Account Detail||MAB/QAB (Rs)||Penalty on non-maintenance of MAB/AQB|
|SBI||SBI Savings Bank Account||3000 (MAB)||Up to Rs. 15 / month|
|PNB||Savings Account (General)||2000 (QAB)||Up to Rs. 250|
|IDBI||Super Savings Account||5000 (MAB)||4% per month on the differential
amount of MAB & Actual Avg Bal
maintained (Min Rs. 100)
|ICICI Bank||Regular Savings Account||10000 (MAB)||Rs. 100 + 5% of the shortfall in required MAB|
|HDFC Bank||Regular Savings Account||10000 (MAB)||Up to Rs. 600|
|Corporation Bank||CorpBank Savings Account||500 (QAB)||Up to Rs. 100 per quarter|
|Canara Bank||Savings Bank Account||1000 (MAB)||Up to Rs. 40/ Month|
Data Source: Google
MAB: Monthly Average Balance
QAB: Quarterly Average Balance
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