In India, the SBI (State Bank of India) is the biggest public sector bank. Also, it is the largest lender in our country. SBI demands all customers who are SBI savings account holders to keep up a specific daily balance every month. This must be adhered to avoid SBI Minimum Balance penalty charges. The account holders can use the SBI Balance check number to check whether they have the minimum balance in their account.
SBI Minimum Balance Penalty Charges Mechanism
The SBI saving account holders need to maintain an average monthly balance of INR 1000, INR 2000, and INR 3000 in their accounts, according to the location of their SBI branch. The SBI balance check number helps to streamline your efforts with this. Remarkably, SBI has classified its branches into metro & urban, semi-urban, and rural.
Metro and Urban Center Branches
The customers having their savings accounts in the metro and urban branches of SBI have to maintain a minimum balance of INR 3,000. In case of a deficiency of less than or equal to 50%, they will be subjected to a penalty charge of ₹10 plus GST. The SBI Minimum Balance penalty charges for not maintaining the minimum balance in a metro or urban branch with a deficiency of 50-75% is ₹12 plus GST, and beyond 75% will be ₹15 plus GST.
Annual Minimum Balance = ₹3,000
- For a deficiency <=50% = ₹10 + GST
- For a deficiency > 50 – 75% = ₹12 + GST
- For a deficiency > 75% = ₹15 + GST
Semi-Urban Center Branches
The customers having their savings account in a semi-urban branch of SBI have to maintain a minimum balance of INR 2,000. The account holders will have to pay SBI Minimum Balance penalty charges if they fail to maintain such account balance. These non-maintenance charges range from ₹7.50 to ₹12, excluding GST.
Annual Minimum Balance = ₹2,000
- For a deficiency <=50% = ₹7.50 + GST
- For a deficiency > 50 – 75% = ₹10 + GST
- For a deficiency > 75% = ₹12 + GST
Rural Center Branches
The customers having their savings account in a rural area branch of SBI must maintain an average minimum balance of INR 1,000. The customers will have to pay the SBI Minimum Balance penalty charges for not maintaining the ₹1,000 account balance. These non-maintenance charges range from ₹5 to ₹10, excluding GST.
Annual Minimum Balance = ₹1,000
- For a deficiency <=50% = ₹5 + GST
- For a deficiency > 50 – 75% = ₹7.50 + GST
- For a deficiency > 75% = ₹10 + GST
Note: The SBI Balance check number is 9223766666. You can call or SMS BAL to 9223866666 for a balance inquiry.
Opening A Zero Balance Account: A Way to Avoid SBI Minimum Balance Penalty Charges
You can open a zero balance account by completing the KYC (know your customer) formalities. As the name suggests, this account offers the advantage that there is no pre-condition associated with this account to keep a minimum balance. The SBI zero balance savings account does not levy a penalty if your monthly or quarterly account balance is zero.
When you open an SBI zero balance account, no minimum amount requirement is there. For non-operation of such an account or activation of an inoperative account, you will not be levied with any penalty.
The largest bank in our country – the State Bank of India, has put forward a set of specific rules for maintaining the average minimum balance each month. The minimum amount of balance needed in the regular SBI savings account varies for different customers. It is ascertained by considering the factors like branch location and the level of deficiency.
This blog entails the range of SBI Minimum Balance penalty charges corresponding to the failure to keep up the required account balance. The customers can check their account balance via the SBI Balance check number. It will help you to check that they are keeping up with the required minimum balance & avoid a penalty.