If you also have accounts in these banks, then this news is special for you. Now if you do not keep this amount in your account then you will have to pay a heavy fine.
Most of the banks across the country require customers to maintain Monthly Average Balance (MAB) in their regular savings accounts. Customers who do not maintain the minimum balance have to pay some penalty as charges. In this news, we are telling about the rules of maintaining minimum balance, penalty amount from State Bank of India and HDFC Bank.
State Bank of India: It is mandatory for all the customers of State Bank of India (SBI) to maintain a minimum balance in the savings account. However, this rule is not applicable in the Basic Savings Bank Deposit Account (BSBD) of the bank. The minimum balance requirement in SBI varies from branch to branch. SBI branches are divided into metro, rural, urban and semi urban.
It is mandatory for customers in metro and semi urban SBI branches to maintain an average monthly balance (AMB) of Rs 3000 in the account. It is Rs 2000 for semi urban areas, Rs 1000 for rural areas. Customers having a balance of Rs 1500 or less in bank branches in metro and urban areas are charged Rs 10 per month plus GST. If their balance is less than 50-75 percent of the prescribed limit, then they will have to pay Rs 12 and GST as penalty. On the other hand, if the balance is less than 75 percent of Rs 3000, then the penalty amount will be Rs 15 and GST will also have to be paid.
Customers having a balance of Rs 1500 or less in bank branches in metro and urban areas are charged Rs 10 per month plus GST. If their balance is less than 50-75 percent of the prescribed limit, then they will have to pay Rs 12 and GST as penalty. On the other hand, if the balance is less than 75 percent of Rs 3000, then the penalty amount will be Rs 15 and GST will also have to be paid.
HDFC Bank: Customers having regular savings accounts with HDFC Bank branches located in metro and urban areas are required to maintain an average monthly balance of Rs 10,000. Regular savings account holders at HDFC Bank’s semi-urban branches are required to maintain an average balance of Rs 5,000 per month. Customers maintaining accounts in rural branches are required to maintain a minimum balance of Rs 2,500 and Rs 5,000 respectively.
In metro and urban cities, a fine of Rs 150 (per month) for balances below Rs 7,500 to Rs 10,000, Rs 300 fine for balances between Rs 5,000 and Rs 7,500, Rs 450 for balances between Rs 2,500 and Rs 5000 and 0 A fine of Rs 600 per month has to be paid on the balance up to Rs 2500. On the other hand, in the semi-urban area, a fine of Rs 150 has to be paid on the balance between Rs 2,500 to Rs 5000 and Rs 300 per month for the balance between Rs 0 to 2500.
