Banking

SBI Savings Account: Penalty, Charges, Minimum Balance, Interest, More

The State Bank of India, the largest public sector bank favoured by all Indians, has 40 Cr account owners registered including Government servants. SBI has made major changes in its policies and charges regarding the savings account. The changes are applicable for “Surabhi SB accounts (excluding all Salary Package accounts), No Frill Accounts, Basic Savings Bank Deposit, Small & PMJDY a/cs, Pehla Kadam and Pehli Udaan accounts, Minors up to the age group of 18, Pensioners of all categories, Recipients of social security welfare benefits (Direct Benefits) and students up to the age of 21 years.”

SBI Savings Account

SBI Savings Account Minimum Balance And Penalty Charges

In 2020, SBI removed all the penalty charges applicable for all three types of accounts including Urban, semi-urban and rural branches in case of the minimum savings account balance. With this, now account holders are not needed to maintain this criterion. The minimum average balance to maintain for Metro & Urban Centre branches previously was Rs 3000 and Rs 2000 for semi-urban branches. Whereas, the balance is ₹1,000 for rural branches.

Interest Rate Calculation

SBI offers an interest rate of 2.7% on deposits of below ₹10 Cr to savings account holders. Whereas it offers a 3% return for the same customers if they maintain a balance over ₹10 Cr.

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SBI Account Closing Charges

  • Customers can get their SBI savings to account closed by visiting their home branch.
  • The bank charges no penalty if the customers close the account 14 days from the date of opening.
  • But the customer has to pay ₹500 if he or she decides to close the account after 14 days and before 1 year.
  • Lastly, if a customer is closing his or her account after one year then also the bank levies no charges.

Rishabh Sharma

Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.

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