SBI lowers minimum account balance to ₹3,000: A 5-point guide on how it works
7 years, 6 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 lender also decided to exempt pensioners, beneficiaries of social benefits from government and minors from the requirement of minimum balance in savings account. Earlier, in the metros, the bank was charging ₹ 100 plus GST if the balance fell below 75 per cent of the MAB of ₹ 5,000. Any shortfall in maintaining minimum average balance in rural areas was attracting a penalty in the range of ₹ 20 to ₹ 50 plus GST.

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History of this topic

Which bank is charging how much for not maintaining minimum balance? Check details here
7 months, 2 weeks 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, …

PMJDY accounts cross 50 crore, deposits exceed ₹2 lakh crore
1 year, 7 months ago

PMJDY accounts cross 50 crore, deposits exceed ₹2 lakh crore

The Hindu  

The number of bank accounts under the PM Jan Dhan Yojana, which completes nine years on Monday, has crossed 50 crore this month with total deposits exceeding ₹2 lakh crore, Financial Services Secretary Vivek Joshi said on Saturday. As of August 16, 50.09 crore PMJDY accounts had been opened with total deposits at ₹2,03,505 crore, up from 48.65 crore accounts …

Budget 2023 | Senior citizen scheme limit doubled to ₹30 lakh
2 years, 1 month ago

Budget 2023 | Senior citizen scheme limit doubled to ₹30 lakh

The Hindu  

Finance Minister Nirmala Sitharaman on Wednesday proposed to double the deposit limit for Senior Citizen Savings Scheme to ₹30 lakh and Monthly Income Account Scheme to ₹9 lakh. "The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from ₹15 lakh to ₹30 lakh," the minister said in her 87-minute long speech. She also proposed that the maximum …

SBI savings bank account for children: Eligibility, benefits and other details
2 years, 6 months ago

SBI savings bank account for children: Eligibility, benefits and other details

Live Mint  

SBI savings bank account for children: The State Bank of India offers two types of savings accounts for minors - Pehla Kadam and Pehli Udaan. SBI offers Pehla Kadam and Pehli Udaan savings account for children Pehla Kadam and Pehli Udaan, are complete bouquets of banking products, that will not only help children learn the importance of saving money but …

Zero balance savings accounts: All you need to know
4 years, 8 months ago

Zero balance savings accounts: All you need to know

India Today  

Zero Balance Savings Account is a type of account where you are not required to maintain a minimum balance. Account-holders who find it tough to maintain high balances can apply for a Zero Balance Savings Account. Here is the list of banks that offer zero balance savings accounts: IDFC First Bank Pratham Savings Account DBS Digi Savings YES Bank Smart …

Bank savings accounts: No minimum balance charges for three months
5 years ago

Bank savings accounts: No minimum balance charges for three months

Live Mint  

Addressing a press conference today, Finance Minister Nirmala Sitharaman announced that charges for not maintaining 'Average Monthly Balance' in accounts will be waived for three months. Country's largest lender State Bank of India on 11 March waived maintenance of minimum balance requirements for all savings bank accounts. As per the decision announced by Finance Minister Nirmala Sitharaman, debit card holders, …

SBI cuts interest rate on savings bank accounts
5 years ago

SBI cuts interest rate on savings bank accounts

Live Mint  

The State Bank of India, country's largest lender, today rationalised interest rate on all savings bank accounts to a flat 3%, a move affecting 44.51 crore account holders. "Bank has rationalised interest rate on savings bank Account to a flat 3 % pa for all buckets," SBI said. "The charges on maintaining average monthly balance are now waived off on …

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 …

SBI Zero Balance Account: 10 important things you must know about SBI BSBD account
5 years, 2 months ago

SBI Zero Balance Account: 10 important things you must know about SBI BSBD account

India TV News  

SBI Zero Balance Account: Country's largest lender, State Bank of India offers a range of savings accounts to retail customers. SBI zero balance savings account allows a maximum of 4 cash withdrawals free of cost in a month, including ATM withdrawals at own and other bank's ATMs. SBI Zero Balance Account: Other SBI zero balance savings account State Bank of …

SBI zero balance savings account: 10 things to know
5 years, 2 months ago

SBI zero balance savings account: 10 things to know

Live Mint  

Top lenders including State Bank of India, ICICI, HDFC Bank and Axis Bank, among others provide zero balance savings facility for their account holders. Here is all you need to know about SBI zero balance savings account: 1) SBI BSBD account can be opened by all individuals having valid know-your-customer documents. 5) There is no cheque book facility available with …

This SBI zero balance account can be opened even without KYC documents
5 years, 3 months ago

This SBI zero balance account can be opened even without KYC documents

Live Mint  

The State Bank of India offers a zero balance savings account, which can be opened by customers even without having know-your-customer documents. SBI's Basic Savings Bank Deposit Small Account or SBI small account can be opened by anyone who does not have valid KYC documents, provided he or she is above 18 years of age, the lender said on its …

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 …

SBI cuts savings bank account interest rate, FD rates
5 years, 5 months ago

SBI cuts savings bank account interest rate, FD rates

Live Mint  

India's biggest bank, State Bank of India or SBI today cut interest rate on savings accounts with balance up to ₹1 lakh to 3.25%, from 3.5%. SBI has also cut interest rate of retail fixed deposits or FDs by 10 basis points for ‘1 year to less than 2 years’ maturity with effect from 10th October, 2019. SBI today also …

SBI ATM charges and free withdrawals: 10 things to know
5 years, 6 months ago

SBI ATM charges and free withdrawals: 10 things to know

Live Mint  

All major lenders, including State Bank of India allows a certain number of ATM transactions every month to its customers. Here are 10 things to know about SBI ATM withdrawal charges: 1) SBI customers who have maintained a monthly average balance of up to ₹25,000 are allowed up to 5 transactions per month free of cost at SBI ATMs and …

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 Savings Plus Account: Minimum balance, interest rates, other details
5 years, 8 months ago

SBI Savings Plus Account: Minimum balance, interest rates, other details

Live Mint  

The country's largest lender, State Bank of India, provides different types of accounts where customers can invest their hard-earned money. Apart from the regular savings account, fixed deposit and recurring deposit accounts, the bank also offers SBI Savings Plus Account. According to SBI, a savings bank account linked to multi option deposit account is called 'Savings Plus Account'. Here are …

SBI large savings accounts to fetch lower interest rate, short-term loans get cheaper
5 years, 9 months ago

SBI large savings accounts to fetch lower interest rate, short-term loans get cheaper

Live Mint  

The interest rate offered by SBI on large savings accounts will go down from today, after Reserve Bank of India cut its repo rate by 25 basis points to 5.75%. From May 1, SBI had moved to a new interest rate regime on large savings account deposits as well as short-term loans. SBI has linked its interest rate on savings …

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 : …

Bank of Baroda doubles minimum balance limit for savings account
6 years, 2 months ago

Bank of Baroda doubles minimum balance limit for savings account

Live Mint  

New Delhi: Bank of Baroda will be increasing the minimum quarterly average balance that has to be maintained in its advantage savings account. “With effect from 1 February, 2019 the minimum quarterly average balance in Baroda advantage savings account will be updated,” BoB said in a tweet. The minimum quarterly average balance for BoB advantage savings accounts for urban and …

SBI zero-balance savings accounts benefits, eligibility: 5 things to know
6 years, 3 months ago

SBI zero-balance savings accounts benefits, eligibility: 5 things to know

Live Mint  

New Delhi: State Bank of India offers several zero-balance savings accounts, on which the monthly average balance rule is not applicable. These are five types of SBI zero-balance savings accounts 1. Basic Savings Bank Deposit : These accounts can be opened by any individual provided he/she has valid KYC documents. Other benefits of savings accounts opened under PMJDY include, accidental …

SBI tax savings fixed deposit account: 5 things to know
6 years, 3 months ago

SBI tax savings fixed deposit account: 5 things to know

Live Mint  

New Delhi: State Bank of India offers a fixed deposit or term deposit scheme called the SBI Tax Savings Scheme, 2006. SBI Tax Savings Scheme offers tax benefits of up to ₹ 1.5 lakh under Section 80C of the Income Tax Act. The minimum deposit in an SBI Tax Savings Scheme, 2006, fixed deposit plan is ₹ 1,000 or multiples …

SBI offers unlimited free ATM withdrawals to these account holders. Details here
6 years, 3 months ago

SBI offers unlimited free ATM withdrawals to these account holders. Details here

Live Mint  

New Delhi: State Bank of India offers a fixed number of ATM transactions free of cost every month to its customers. The bank currently allows unlimited free transactions at State Bank of India Group ATMs to its customers who have maintained an average balance above ₹ 25,000 in their savings bank account in the previous month. Regular savings bank account …

Know why SBI reduced ATM withdrawal limit to Rs 20,000
6 years, 5 months ago

Know why SBI reduced ATM withdrawal limit to Rs 20,000

India Today  

With an aim to reduce the rising number of ATM fraud cases and give a boost to digital transactions, the State Bank of India halved the daily ATM withdrawal limit from Rs 40,000 to Rs 20,000. "In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless …

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 …

Sukanya Samriddhi Yojana: New rules, features explained in 10 points
6 years, 7 months ago

Sukanya Samriddhi Yojana: New rules, features explained in 10 points

Live Mint  

The government recently amended the rules for Sukanya Samriddhi account to lower the amount required for opening the popular girl child savings scheme. 2) The minimum annual deposit requirement, or the minimum amount required to be deposited in Sukanya Samriddhi account every year, has also been lowered to ₹ 250, from ₹ 1,000 earlier. 3) The interest rate on Sukanya …

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 …

Govt slashes minimum annual deposit requirement for Sukanya Samriddhi account to Rs 250 from Rs 1,000 earlier
6 years, 8 months ago

Govt slashes minimum annual deposit requirement for Sukanya Samriddhi account to Rs 250 from Rs 1,000 earlier

Firstpost  

The interest rate on Sukanya Samriddhi account is revised every quarter, just like other small savings schemes and PPF. New Delhi: The government has slashed the minimum annual deposit requirement for accounts under the Sukanya Samriddhi Yojana to Rs 250 from Rs 1,000 earlier, a move that will enable more number of people to take advantage of the girl child …

Sukanya Samriddhi Account: Minimum annual deposit requirement slashed to Rs 250
6 years, 8 months ago

Sukanya Samriddhi Account: Minimum annual deposit requirement slashed to Rs 250

India TV News  

In a move that will encourage more people to take the advantage of Sukanya Samriddhi Yojana, a deposit scheme meant for the girl child, the government has slashed the minimum annual deposit requirement to Rs 250 from the previous Rs 1000. The government has amended the Sukanya Samriddhi Account Rules, 2016, to state that the minimum initial deposit to open …

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 …

No minimum balance penalty for first generation bank accounts: Finance Ministry
7 years, 2 months ago

No minimum balance penalty for first generation bank accounts: Finance Ministry

India TV News  

No minimum balance penalty for first generation bank accounts: Finance Ministry The penalty became a contentious issue when it was reported that public sector banks collected Rs 2320.96 crore in FY18 by imposing a fine on customers who do not maintain their minimum monthly average balance. The minimum balance penality became a contentious issue when it was reported that public …

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 …

News in Numbers: SBI minimum account balance lowered to Rs3000
7 years, 6 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, 6 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, 6 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, 6 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 lowers minimum balance requirement to Rs3,000, cuts penalties
7 years, 6 months ago

SBI lowers minimum balance requirement to Rs3,000, cuts penalties

Live Mint  

New Delhi: The country’s largest lender 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 not maintaning such a balance. “We have decided to treat the metro and urban centres in the same category and the requirement of MAB in …

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 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 …

Demonetisation: Jan Dhan accounts garner Rs 21,000 crore deposits in just two weeks
8 years, 4 months ago

Demonetisation: Jan Dhan accounts garner Rs 21,000 crore deposits in just two weeks

Firstpost  

The maximum deposit was reported in West Bengal, Finance Ministry sources said on Wednesday New Delhi: Post demonetisation, a whopping Rs 21,000 crore has been deposited in Jan Dhan bank accounts. Earlier in the day, all the banks were directed not to take the old Rs 500 and Rs 1,000 notes as deposits in the small savings schemes with immediate …

Forget allegations, Jan Dhan deposits are on the rise and have crossed Rs 42,000 cr, say officials
8 years, 6 months ago

Forget allegations, Jan Dhan deposits are on the rise and have crossed Rs 42,000 cr, say officials

Firstpost  

There were reports that some bankers have deliberately deposited small amount in PMJDY accounts so that they do not remain under the category of zero balance. New Delhi: Amid Opposition’s criticism of alleged manipulation in Jan Dhan figures, government officials said on Wednesday that deposits under this flagship financial inclusion scheme has crossed Rs 42,000 crore-mark and the percentage of …

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