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Maintain Minimum Balance or Pay Penalty: SBI
By: Tupaki Desk | 5 March 2017 12:54 PM GMT
State Bank of India (SBI) has made maintenance of Minimum Balance in the accounts mandatory from April 1st and penalty will be changed from those who fail to do so.
Minimum Balance:
Metropolitan Areas: Rs 5,000
Urban Areas: Rs 3,000
Semi-Urban Areas: Rs 2,000
Rural Areas: Rs 1,000
The Penalty will be based on the difference between Minimum Balance & Deficit. If the deficit is more than 75% in Metropolitan Areas, Penalty will be Rs 100 plus Service Tax. If the deficit in between 50-75%, Rs 75 plus Service Tax will be charged. If the deficit is less than 50%, Rs 50 plus Service Tax must be paid.
In case of Rural Areas, The Penalty will be between Rs 20 to 50 depending on deficit.
Minimum Balance:
Metropolitan Areas: Rs 5,000
Urban Areas: Rs 3,000
Semi-Urban Areas: Rs 2,000
Rural Areas: Rs 1,000
The Penalty will be based on the difference between Minimum Balance & Deficit. If the deficit is more than 75% in Metropolitan Areas, Penalty will be Rs 100 plus Service Tax. If the deficit in between 50-75%, Rs 75 plus Service Tax will be charged. If the deficit is less than 50%, Rs 50 plus Service Tax must be paid.
In case of Rural Areas, The Penalty will be between Rs 20 to 50 depending on deficit.
