SBI to penalise customers for not keeping minimum balance in accounts

The State Bank of India has announced that it will charge those account holders who do not maintain a minimum balance in their accounts from 1 April onwards.

The compulsory minimum balance for accounts in metropolitan areas will be Rs 5000.

It will be Rs 3000 in urban areas, Rs 2000 in semi-urban areas and Rs 1000 in rural areas.

The penalty charges will be calculated on the difference between the minimum balance required and the shortfall.

Customers can check the bank website to know the charges that will be effective from 1 April.

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