A series of rules have been introduced in different banks post to demonetization. The minimum balance for the maintenance of accounts in state bank has been reduced to Rs. 3000. State Bank of India now penalizes the customers in case they fail to maintain a minimum balance of Rs. 3000. SBI is recognized to be the leading bank of India that holds more than 31 crore savings bank accounts. New charges have been introduced in rural and semi-urban centers, ranging from Rs. 20 to Rs. 40. The revised MAB charges and requirement will be applied from October Month of 2017.
According to the bank, a customer has the option of conversion of regular savings bank account to the basic savings bank deposit without any charge, if you wish to procure the facilities of basic savings without being subjected to the maintenance of minimum average balance. Let’s have a look at the monthly average balance each SBI customer require paying, depending on the region along with the penalties:
In semi-urban areas, the minimum account balance should be Rs. 2000. People having savings account with SBI branches should be paying fines of Rs. 20 in case the MAB is within the range of Rs. 1000-1999. Accounts having MAB between Rs. 500-999, should be penalized Rs. 30. If an account has MAB of less than Rs. 5000, they require making a payment of Rs. 40.
SBI customers in Urban areas require maintaining a minimum balance of Rs. 3000, failing to which they will be penalized like the metro-city SBI customers.
SBI customers in different metro cities of India should be maintaining the sum of Rs. 3000 as the monthly average balance in the savings account. In case the minimum account balance is between Rs. 1500- 2999, an amount of Rs. 30 should be paid as a penalty. A penalty of Rs. 40 needs to be paid in case the average balance is within Rs. 750-1499. A fine of Rs. 50 will be charged if an account has less than Rs. 750.
The least balance for SBI customers in the rural areas should be Rs. 1000. The penalties for the rural customers are same as the semi-urban customers which are Rs. 20 if the account balance is within the range of Rs. 500-999 and Rs. 30 in case the account balance is between Rs. 250-499. If customers fail to maintain the minimum account balance of Rs. 249, they require paying a fine of Rs. 40.
Chatbot offers information about the products and services of SBI
State bank of India has come up with intelligent assistant chatbot of which they are capable of resolving different queries related to the bank. It will also confer details about a wide array of services and products of SBI. The bot is still under beta testing.