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GST: SBI minimum account balance, penalty and other rules explained - GST Station

GST: SBI minimum account balance, penalty and other rules explained

GST: SBI minimum account balance, penalty and other rules explained

    State Bank of India (SBI), provides different types of accounts where customers can invest their money. Apart from the regular savings account, SBI also offers fixed deposit (FD) and recurring deposit (RD) accounts. Recently, SBI reduced the interest rate on its savings account for balances below ₹1 lakh to 3.25%. This will be effective 1st November. SBI customers have to maintain an average monthly balance (AMB) depending upon the account. Maintenance of average monthly balance (AMB) charges are different for metro, semi-urban and rural areas.

    Here is all you need to know about SBI minimum account balance rules:

    1) SBI customers holding savings account in metro and urban centre branches are required to maintain an AMB of ₹3,000.

    2) Customers in semi-urban branches are required to maintain a minimum balance of ₹2,000 in their SBI account, whereas SBI customers in rural areas are required to maintain an average monthly balance of ₹1,000.

    3) SBI charges a penalty amount ranging from ₹10 plus GST to ₹15 plus GST from customers failing to comply with the MAB rules in its metro and urban branches, according to SBI.

    4) The bank charges a penalty amount ranging from ₹7.5 plus GST to ₹12 plus GST from customers failing to comply with the minimum balance or MAB rules in semi-urban branches.

    5) SBI has set penalty charges to the tune of ₹5-10 plus GST for non-compliance with the monthly average balance rules in rural branches.

    SBI’s net profit for September quarter more than tripled on the back of higher net interest income and other income. The bank reported a net profit ₹3011.73 crore for the three months ended September compared with ₹944.87 crore in the year-ago period.

    Source- Livemint.

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