SBI announces penalty for non-maintenance of minimum balance from April 1
8 years ago

SBI announces penalty for non-maintenance of minimum balance from April 1

India TV News  

The State Bank of India, country's largest bank, has made it mandatory for account-holders to maintain a minimum balance 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. If the shortfall is between 50-75 per cent, the bank would charge Rs 75 plus service tax and for below 50 per cent shortfall, a fee of Rs 50 plus service tax would be levied, according to the SBI notification of new charges. Similarly, for rural areas, the penalty for non-maintenance of minimum balance ranges from Rs 20-50 plus service tax, it said. The public sector lender would also renew from April 1, the Rs 50 charge for people carrying out over three cash transactions at its branch within a month.

Charges Areas Sbi Minimum Balance  balance  penalty  rs  minimum  areas  nonmaintenance  announces  sbi  charges  shortfall  bank  service  plus

History of this topic

SBI and PNB in talks with Karnataka govt for resolution over transaction suspension issue
7 months ago

SBI and PNB in talks with Karnataka govt for resolution over transaction suspension issue

India TV News  

Following Karnataka's unexpected decision to halt all transactions with them, the State Bank of India and Punjab National Bank on Thursday said that they are working with the state to find an "amicable resolution" on the matter. Karnataka govt suspends all transactions with SBI and PNB The Karnataka government had issued an order suspending all transactions with the State Bank …

Which bank is charging how much for not maintaining minimum balance? Check details here
7 months ago

Which bank is charging how much for not maintaining minimum balance? Check details here

India TV News  

New Delhi: There was news recently that government banks collectively charged approximately Rs 8,495 crore from their customers for not maintaining the minimum balance. Full details of SBI, HDFC, ICICI, Yes Bank and PNB here: Here are the details regarding the charges for not maintaining the minimum balance in savings accounts across different banks: State Bank of India Since 2020, …

SBI hikes annual maintenance charges for these debit cards from April 1: Complete details here
11 months, 2 weeks ago

SBI hikes annual maintenance charges for these debit cards from April 1: Complete details here

Hindustan Times  

SBI annual maintenance charges: State Bank of India revised annual maintenance charges related to some debit cards which will come into effect from April 1 as per SBI website. Existing annual maintenance charges for Classic, Silver, Global, and Contactless debit cards will be revised from April 1 as per the information available on the SBI website. SBI annual maintenance charges: …

SBI Customers ALERT! This Rule is Set to Change From Next Month; Details Here
3 years, 1 month ago

SBI Customers ALERT! This Rule is Set to Change From Next Month; Details Here

News 18  

SBI Rules Change: From next month, customers of India’s largest public sector lender, the State Bank of India, will not have to pay any service charges on on IMPS transactions up to Rs 5 lakh done digitally, that is though internet banking, mobile banking and YONO. SBI IMPS, NEFT, RTGS Rules Change: What Notification Says “In an aim to encourage …

Reserve Bank of India imposes Rs 1 crore penalty on Union Bank of India
3 years, 3 months ago

Reserve Bank of India imposes Rs 1 crore penalty on Union Bank of India

Firstpost  

Last week, RBI imposed a monetary penalty of Rs 1 crore on the State Bank of India for contravention of a provision in the Banking Regulation Act, 1949 The Reserve Bank of India on Monday imposed a monetary penalty of Rs 1 crore on state-owned Union Bank of India for deficiencies in regulatory compliance. The banking regulator, in a statement, …

RBI imposes Rs 1 crore penalty on SBI over non-compliance
3 years, 5 months ago

RBI imposes Rs 1 crore penalty on SBI over non-compliance

India TV News  

The Reserve Bank of India on Monday said it has imposed a penalty of Rs one crore on the State Bank of India for non-compliance with the directions contained in ‘Reserve Bank of India directions 2016. "This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement …

SBI waives processing fee on home loans till August-end
3 years, 7 months ago

SBI waives processing fee on home loans till August-end

India TV News  

The country's largest lender State Bank of India on Saturday announced waiving processing fee on home loans till August-end. SBI said it is the bank's limited period 'Monsoon Dhamaka Offer', through which a home loan customer can gain substantially. "There could not be a better time to buy a house, considering SBI home loan interest rates start at just 6.70 …

RBI imposes Rs 14.5 crore penalty on State Bank of India, 13 other banks
3 years, 8 months ago

RBI imposes Rs 14.5 crore penalty on State Bank of India, 13 other banks

India TV News  

The Reserve Bank of India on Tuesday imposed a monetary penalty on fourteen banks, including the State Bank of India and Bank of Baroda for violation of various rules. As per an official release, the violence includes non-compliance with certain provisions of directions issued by RBI on 'Lending to Non-Banking Financial Companies ', 'Bank Finance to Non-Banking Financial Companies ', …

SBI ATM Cash Withdrawal Charges: SBI Changes Rules For Cash Withdrawals From July 1
3 years, 8 months ago

SBI ATM Cash Withdrawal Charges: SBI Changes Rules For Cash Withdrawals From July 1

ABP News  

State Bank of India is going to bring changes in the service charge from July 1. That is, from Thursday, SBI will revise the service charges for withdrawing cash from its ATMs and bank branches. According to the SBI website, BSBD account holders will be able to make four free cash withdrawals per month from ATMs and bank branches. Senior …

SBI Alert: State Bank of India to revise rules for ATM cash withdrawal, chequebook charges from THIS date
3 years, 9 months ago

SBI Alert: State Bank of India to revise rules for ATM cash withdrawal, chequebook charges from THIS date

India TV News  

SBI Customer Alert: India's largest lender, State Bank of India is all set to revise the service charges for SBI Basic Savings Bank Deposit account holders. Cash withdrawal at SBI ATMs: The service charges will be recovered beyond four free cash withdrawals, including withdrawal at the ATM and Branch. The new service charge beyond four free withdrawals will be Rs …

SBI collects Rs 300 crore from zero balance accounts for certain services in 5-year: Study
3 years, 11 months ago

SBI collects Rs 300 crore from zero balance accounts for certain services in 5-year: Study

India TV News  

Several banks, including State Bank of India, have been imposing excessive charges on certain services provided to poor persons having zero-balance or Basic Savings Bank Deposit Accounts, a study by the IIT-Bombay has revealed. The study observed that the SBI's decision to levy a charge of Rs 17.70 for every debit transaction beyond four by the BSBDA account holders cannot …

Insufficient balance: How much SBI will charge for failed ATM transaction
4 years, 7 months ago

Insufficient balance: How much SBI will charge for failed ATM transaction

Live Mint  

State Bank of India has revised its ATM withdrawal rules with effect from 1 July. As per the information available on the official website of the State Bank of India sbi.co.in, in metro cities, SBI allows 8 free transactions to its regular savings account holders to transact in a month. The bank allows its customers maintaining an average balance of …

SBI new ATM withdrawal rules: Transaction limits, charges and other details
4 years, 8 months ago

SBI new ATM withdrawal rules: Transaction limits, charges and other details

Live Mint  

State Bank of India has revised its ATM withdrawal rules with effect from 1 July. In view of the coronavirus pandemic, SBI had waived service charges for all ATM transactions made on SBI ATMs as well as other bank ATMs on account of exceeding free number of transactions. "In view of the announcement made by Finance Minister on 24th March, …

SBI waives minimum balance charges on all savings bank accounts
5 years ago

SBI waives minimum balance charges on all savings bank accounts

Live Mint  

India's largest bank SBI today announced that it will waive charges for non-maintenance of average monthly balance for all 44.51 crore savings bank accounts. Currently SBI savings bank customers need to maintain average monthly balance of ₹3000, ₹2000 and ₹1000 in metro, semi urban and rural areas respectively. India's biggest bank has also rationalised interest rate on savings bank account …

If you are SBI Bank account holder, then this news is important for you!
5 years, 4 months ago

If you are SBI Bank account holder, then this news is important for you!

India TV News  

If you are SBI Bank account holder, then this news is important for you! State Bank of India, the country's largest lender has revised the minimum balance rules that all account holders from November 1, 2019. SBI Bank has revised the minimum balance rules to ensure sufficient balance in the bank accounts of customers. The SBI bank has prescribed certain …

SBI customer attention! Know how much balance you need to keep in savings account or pay hefty penalty
5 years, 5 months ago

SBI customer attention! Know how much balance you need to keep in savings account or pay hefty penalty

India TV News  

The country's largest lender State Bank of India has revised the minimum balance rules that all customers should know. The customers who hold savings accounts at metros or semi-urban branches are required to maintain an average monthly balance of Rs 3,000, according to the lender's corporate website - sbi.co.in. 1,000 Penalty Charges Applicable In SBI Metro And Urban Branches Shortfall …

Attention SBI account holders! New bank service charges, penalties from today. Details inside
5 years, 5 months ago

Attention SBI account holders! New bank service charges, penalties from today. Details inside

India TV News  

SBI new service charges and penalties: India's largest lender, State Bank of India has revised its service charges and penalties with effect from today, i.e 1st October 2019. The bank has revised service charges including fee for non-maintenance of average monthly balance, ATM withdrawal from SBI branches and cash deposit transactions. Attention SBI account holders: New bank service charges, penalties …

SBI account holders attention! Bank asks to maintain this much minimum monthly balance or pay hefty penalty
5 years, 6 months ago

SBI account holders attention! Bank asks to maintain this much minimum monthly balance or pay hefty penalty

India TV News  

SBI bank account holders alert: Are you State Bank of India account holder? To be noted, if someone does not maintain Rs 3,000 as average monthly balance and falls short by 50 per cent the individual will be charged Rs 10 plus GST. SBI account holders of semi-urban branches need to maintain an average monthly balance of Rs 2,000. Meanwhile, …

SBI waives processing fee on car loans in festival season
5 years, 6 months ago

SBI waives processing fee on car loans in festival season

India TV News  

State Bank of India, the country's largest lender, on Tuesday announced processing fee waiver on car loans during the upcoming festival season in a bid to boost car sales. The bank is also offering the lowest interest rate starting 8.70 per cent on car loans, with no escalation in interest. The bank is offering the lowest interest rate starting 8.70 …

SBI, Bank of Baroda savings accounts: minimum balance rules, penalty explained
5 years, 11 months ago

SBI, Bank of Baroda savings accounts: minimum balance rules, penalty explained

Live Mint  

New Delhi: Regular savings accounts require customers to maintain a minimum average balance. State Bank of India, Bank of Baroda and other leading banks have fixed their monthly minimum average balance requirements according to the location of a customer's account. Here are the MAB requirements and penalty charges levied for non-maintenance of balance by SBI, and Bank of Baroda : …

How much did your bank earn from charges on non-maintenance of minimum balance?
6 years, 6 months ago

How much did your bank earn from charges on non-maintenance of minimum balance?

Live Mint  

If you do not maintain a minimum balance in your regular savings bank account, chances are your bank penalises you for non-maintenance of the average monthly balance. In 2017-18, public sector banks and leading private sector banks together collected close to ₹ 5,000 crore from customers who did not maintain minimum balance in their accounts, according to the numbers presented …

SBI announces late fee waiver on loan EMIs in Kerala
6 years, 6 months ago

SBI announces late fee waiver on loan EMIs in Kerala

Live Mint  

From late payment fee waiver on loan EMIs to zero charges for issuing ATM cards and cheque books, India’s biggest bank, State Bank of India or SBI has announced many initiatives to help account holders in the flood-ravaged state of Kerala. SBI has announced temporary waiver of various charges and fee on banking transactions in Kerala for a “period of …

SBI clarifies on minimum balance charges, claims lowest in industry
6 years, 7 months ago

SBI clarifies on minimum balance charges, claims lowest in industry

Live Mint  

New Delhi: India’s biggest bank State Bank of India or SBI has said that its charges or penalty for not maintaining the average monthly balance in savings bank accounts is among the lowest in the industry. In a tweet, SBI said: “With reference to recent news reports, the bank would like to reiterate that effective April 2018, the average monthly …

Customers pay Rs 5,000cr to banks in FY18 for breaching minimum balance
6 years, 7 months ago

Customers pay Rs 5,000cr to banks in FY18 for breaching minimum balance

India TV News  

As many as 21 public sector banks and three major private sector lenders collected a whopping Rs 5,000 crore from customers for non-maintenance of minimum balance in their accounts in 2017-18, according to banking data. India's largest lender State Bank of India, which suffered a staggering net loss of Rs 6,547 crore during 2017-18, led the pack in penalising its …

SBI shuts 41.2 lakh savings accounts for not keeping minimum balance
7 years ago

SBI shuts 41.2 lakh savings accounts for not keeping minimum balance

Live Mint  

Indore: State Bank of India has closed as many as 41.16 lakh savings accounts between April-January in the current fiscal year for not maintaining the minimum balance, reveals an RTI query. “Due to provisions of penalty on non-maintenance of minimum balance, the bank has closed 41.16 lakh savings bank accounts between 1 April 2017 and 31 January 2018,” the bank …

SBI cuts charges for non-maintenance of minimum balance
7 years ago

SBI cuts charges for non-maintenance of minimum balance

Live Mint  

Mumbai: State Bank of India on Tuesday announced up to 75% reduction in charges levied on savings bank account customers for not maintaining the average monthly balance. SBI has also slashed charges for not-maintenance of Rs2,000 as ABM in bank accounts in semi-urban areas to Rs7.50-12 and Rs1,000 in accounts in rural area to Rs5-10. The state-owned lender has around …

SBI hints at revising downwards minimum balance amount, penalty in savings accounts
7 years, 2 months ago

SBI hints at revising downwards minimum balance amount, penalty in savings accounts

India TV News  

SBI hints at revising downwards minimum balance amount, penalty in savings accounts As a result, between April and November 2017, the bank had netted a windfall of Rs 1,771.67 crore, which is more than its second quarter profit, as penalties from customers for non-maintenance of MAB, a finance ministry data. Facing all-round criticism for raking in a windfall profit of …

SBI waives off account closure fee: After new minimum balance rules, it is a good move for customer
7 years, 5 months ago

SBI waives off account closure fee: After new minimum balance rules, it is a good move for customer

Firstpost  

SBI has made it easier to for customers who can’t afford to conform to minimum balance rules to close their regular savings accounts and migrate to other no-frills accounts. The country’s largest lender after reviving its minimum account balance rules, has not waived off the fee it charges for closure of an account, provided it has been in existence for …

SBI lowers minimum account balance to ₹3,000: A 5-point guide on how it works
7 years, 5 months ago

SBI lowers minimum account balance to ₹3,000: A 5-point guide on how it works

Live Mint  

New Delhi: The State Bank of India on Monday lowered the minimum average monthly balance requirement in a savings account to ₹ 3,000 from ₹ 5,000 and also revised downwards penalties for non-adherence. Here is a five-point guide for customers to understand what the country’s largest lender reducing minimum average monthly balance requirements means for them: ■ The public sector …

News in Numbers: SBI minimum account balance lowered to Rs3000
7 years, 5 months ago

News in Numbers: SBI minimum account balance lowered to Rs3000

Live Mint  

The revised minimum account balance to be maintained by customers of State Bank of India in metro areas. The overall collection efficiency, the percentage of monthly receipts out of total loans, in the microfinance sector in July 2017, according to ratings firm ICRA Ltd. Why is it important? Tell me more: To provide some perspective, 1 petabyte can store about …

Public outcry forces State Bank to slash minimum balance to Rs 3,000
7 years, 5 months ago

Public outcry forces State Bank to slash minimum balance to Rs 3,000

Deccan Chronicle  

New Delhi: Under public pressure, SBI on Monday announced that it has revised the minimum Monthly Average Balance requirement to Rs 3,000 against Rs 5,000 in metros and also brought down penalties for non-adherence. The minimum monthly average balance in semi-urban remains at Rs 2,000 and rural at Rs 1,000. Earlier, in the metros, the bank was charging Rs 100 …

State Bank of India reduces penalty for non-maintenance of minimum balance
7 years, 5 months ago

State Bank of India reduces penalty for non-maintenance of minimum balance

Firstpost  

The penalty revision is likely to benefit 5 crore account holders, SBI said Mumbai: The State Bank of India on Monday lowered the penalty on savings accounts for non-maintenance of minimum balance while exempting the accounts of minors and pensioners. The largest public sector bank had levied penalty for not maintaining minimum balance in its savings accounts starting 1 April. …

SBI lowers minimum balance requirement for savings accounts in metros to Rs 3,000; pensioners, minors exempted
7 years, 5 months ago

SBI lowers minimum balance requirement for savings accounts in metros to Rs 3,000; pensioners, minors exempted

India TV News  

State Bank of India on Monday said it has lowered minimum balance requirement for savings account in metro cities to Rs 3,000 from the current Rs 5,000. "The requirement of MAB in metro centres stands reduced to Rs 3,000 For non-maintenance of Monthly Average Balance, the charges have also been revised downward ranging from 20 per cent to 50 per …

SBI's decision to charge on monthly minimum balance may lead to consolidation of family accounts
8 years ago

SBI's decision to charge on monthly minimum balance may lead to consolidation of family accounts

Firstpost  

At a time when the accent is on digitisation of payments that is impossible without banking support, the regressive moves of these banking biggies would have the effect of repelling people from the banking habit and retreat to the old habit of piling up cash and paying in cash The state owned State Bank of India rubs shoulders with its …

SBI's Rs 5,000 minimum balance rule may face govt resistance, but then why spare private, foreign banks ?
8 years ago

SBI's Rs 5,000 minimum balance rule may face govt resistance, but then why spare private, foreign banks ?

Firstpost  

The idea of making these arguments is not to justify SBI rules but to make the point that SBI has every right to operate in a level playing field like its rivals, which is critical for its healthy survival There is a big clamour after State Bank of India decided to set a higher minimum balance requirement and penalties for …

SBI's monthly average balance hike spares Jan Dhan a/cs; govt asks bank to reconsider penalty
8 years ago

SBI's monthly average balance hike spares Jan Dhan a/cs; govt asks bank to reconsider penalty

Firstpost  

The government has told State Bank of India to reconsider charges it proposes to levy on cash transactions and ATM withdrawals over specified limits State Bank of India, the country’s largest bank, has decided to increase manifold the minimum balance required for maintaining savings account from 1 April, sparing the Jan Dhan accounts or ‘Basic Savings Bank’ accounts. Savings bank …

SBI to charge for breach of minimum balance from 1 April; revise charges on ATMs, other services
8 years ago

SBI to charge for breach of minimum balance from 1 April; revise charges on ATMs, other services

Firstpost  

The Reserve Bank has permitted banks to levy charges for breaching minimum balance limit. After a gap of five years, State Bank of India has decided to reintroduce penalty on non-maintenance of minimum balance in accounts from April 1, and revised charges on other services, including ATMs. The country’s largest bank will permit savings bank account holders to deposit cash …

SBI to soon launch credit card with Rs 25,000 limit to tap low-income individuals
8 years, 3 months ago

SBI to soon launch credit card with Rs 25,000 limit to tap low-income individuals

India TV News  

At a time when cash crunch gripping the country these days, public sector bank SBI has decided to launch a credit card with a cap of Rs 25,000 for those at the lower strata of the society, a top company official said. So, card with a limit of Rs 25,000 against the security of bank deposit can be given to …

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