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Minimum Balance In Savings Account Should Be Rs. 5000 – SBI

Saturday, March 4th, 2017
Minimum Balance In Savings Account Should Be Rs. 5000 – SBI
Author: Smitha Joseph

Smitha Joseph

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To operate a bank account, a person should maintain a minimum of Rs. 5000 in his savings account. If it is not maintained, an amount of fine will be charged, announces the State Bank of India, the biggest nationalized bank in India. It is announced that people in Cities should maintain Rs. 5000 as the minimum balance and for the people living in town should have Rs. 3000 and the suburb customers should have Rs. 2000 and the people in the villages should maintain a minimum balance of Rs. 1000. It will be followed from 1st April, the next accounting year. If the minimum balance is not maintained and the amount is 50% to 75% lesser than that of the standard minimum, then a penalty of Rs. 75 along with a service charge will be charged for the amount. But SBI announces happy news that the customers can withdraw money up to ten times in the ATM without any charge. It is to be noted that the private banks announced that the withdrawal limit per month is 4 times and exceeding that the customer will be charged with a service charge of Rs. 150/ withdrawal.
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