SBI, Bank of Baroda savings accounts: minimum balance rules, penalty explained
5 years, 8 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 : State Bank of India: Customers having a regular savings bank account in SBI branches located in metro and urban areas are required to maintain a minimum average balance of ₹3,000, in semi-urban branches ₹2,000, and in rural branches ₹1,000, according to the bank's website. Bank of Baroda: Bank of Baroda, which has become the second largest public sector bank after SBI after its amalgamation with Bengaluru-based Vijaya Bank and Mumbai-based Dena Bank, has increased the minimum quarterly average balance requirements in its advantage savings account with effect from 1 February 2019. The minimum quarterly average balance for BoB advantage savings accounts for urban and metro branches is ₹2,000 and for semi-urban branches, ₹1,000.

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History of this topic

Which bank is charging how much for not maintaining minimum balance? Check details here
4 months, 3 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, …

SBI savings bank account for children: Eligibility, benefits and other details
2 years, 4 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 …

SBI collects Rs 300 crore from zero balance accounts for certain services in 5-year: Study
3 years, 8 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 …

Bank accounts opened under Jan Dhan Yojana crosses 40-crore mark
4 years, 5 months ago

Bank accounts opened under Jan Dhan Yojana crosses 40-crore mark

The Hindu  

More than 40 crore bank accounts have been opened under the government’s flagship financial inclusion drive Pradhan Mantri Jan Dhan Yojana, launched about six years ago by the Modi-government. As per the latest figure, there are 40.05 crore beneficiaries of this scheme and deposits in Jan Dhan bank accounts are in excess of ₹1.30 lakh crore. “Another milestone achieved under …

Bank Accounts Opened under Jan Dhan Yojana Cross 40 Crore-mark 6 Years after Scheme was Launched
4 years, 5 months ago

Bank Accounts Opened under Jan Dhan Yojana Cross 40 Crore-mark 6 Years after Scheme was Launched

News 18  

More than 40 crore bank accounts have been opened under the government's flagship financial inclusion drive Pradhan Mantri Jan Dhan Yojana, launched about six years ago by the Modi-government. As per the latest figure, there are 40.05 crore beneficiaries of this scheme and deposits in Jan Dhan bank accounts are in excess of Rs 1.30 lakh crore. "Another milestone achieved …

Zero balance savings accounts: All you need to know
4 years, 5 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
4 years, 9 months 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 waives minimum balance charges on all savings bank accounts
4 years, 9 months 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 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 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 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 …

SBI customer attention! Know how much balance you need to keep in savings account or pay hefty penalty
5 years, 2 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 ATM users! SBI, Bank of Baroda restrict cash withdrawals from micro-ATMs of other banks
5 years, 3 months ago

Attention ATM users! SBI, Bank of Baroda restrict cash withdrawals from micro-ATMs of other banks

India TV News  

Bank ATM users alert: Bank of Baroda and State Bank of India have put cash withdrawal limitations for customers at micro-ATM terminals of other banks, in a move that would majorly impact banking services in rural areas. According to Economic Times reports, under new rules, BoB has limited its withdrawals for customers from micro-ATM terminals of other banks to four …

SBI account holders attention! Bank asks to maintain this much minimum monthly balance or pay hefty penalty
5 years, 3 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, 5 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 …

RBI relaxes norms for no-frills accounts; banks will provide cheque books, other facilities to basic account holders
5 years, 6 months ago

RBI relaxes norms for no-frills accounts; banks will provide cheque books, other facilities to basic account holders

Firstpost  

Mumbai: Banks will now provide cheque books and other facilities to basic account holders, with the Reserve Bank of India relaxing the norms on Monday. As part of the financial inclusion drive, the RBI had asked banks to provide BSBDA as savings account offering - certain minimum facilities, free of charge. “Banks are free to provide additional value-added services, including …

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