SBI saving accounts: You need to this maintain average monthly balance; check penalty

State Bank of India, which is also the largest lender in the country, provides savings bank account facility from anywhere and anytime. With largest branch and ATM network, Internet Banking, Mobile Banking and Tele Banking platforms, the SBI ensures that subscribers can access their account 24x7. Hovever, subscribers are required to ensure that they maintain a minimum balance in their savings bank accounts. 

The SBI website-- sbi.co.in, has listed out guidelines on the average monthly balance rules applicable to its savings bank accounts, and if the same is not maintained, there is a provision of penalty charges. Therefore, the savings account holders need to maintain a certain average of daily balances with the bank to avoid the penalty, according to the SBI norms. 

The SBI branches are classified into rural, urban, semi-urban and metro categories, and its savings account holders are required to maintain a monthly average of Rs 1,000-3,000 to avoid any penalty charges, informs the website. As per the SBI norms, rural accounts should have a minimum balance of Rs 1000, semi-urban to have Rs 2000, while urban and metro accounts should have the minimum amount of Rs 3000.

The penalty charges are based on factors such as branch location and the degree of shortfall, which is the difference between the average required and the average achieved by an account holder in a month. 

The bank charges a penalty amount of Rs 7.5-15 (excluding GST) in case of non-compliance with the norms related to metro, urban and semi-urban branches, according to the website. However, in rural SBI branches, account holders have to bear a penalty of Rs 5-10 along with GST for non-compliance with the minimum balance.

Notably, the SBI also offers savings accounts wherein customers are not required to comply with any such requirements. Those who operate these bank accounts with zero balance need not pay any penalty. 

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According to SBI, these bank accounts include Jan Dhan accounts (bank accounts opened under the government's financial inclusion-oriented Jan Dhan scheme), basic savings account, salary package accounts and small bank accounts.