What is the minimum balance in SBI savings account 2024?
Also, there is no minimum balance requirement to maintain. How much interest will I get in an SBI savings account? You can get interest between 2.70% p.a. and 3.00% p.a. in your SBI savings account, depending on the deposit amount.
No minimum balance required to be maintained in a Savings Bank account : For details of service charges applicable to savings bank accounts, please ask your branch. Service charges are also available on the Banks web site.
| Metro | Rural | |
|---|---|---|
| 1.Individual Accounts | Rs 5000/- | Rs 2500/- |
| 2.Non-Individual accounts | Rs 10000/- | Rs 5000/- |
SBI, the country's largest bank, on Wednesday announced a waiver on maintaining the average minimum balance (AMB) requirement for all savings bank accounts. Currently, there is an AMB of ₹ 3,000, ₹ 2,000 and ₹ 1,000 in metro, semi-urban and rural areas, respectively.
| Bank | Zero-Balance Account | Minimum Balance |
|---|---|---|
| State Bank of India | All savings bank accounts are zero-balance accounts | |
| Union Bank of India | Available | With Cheque book - Rs.500 Without Cheque book - Rs.250 |
| HDFC Bank | Not available | Rs.5,000 |
| ICICI Bank | Not available | Rs.5,000 |
If the minimum balance is not maintained then, the account holder is penalised. A fee will be incurred for the non-maintenance. Usually, the charges vary from bank to bank, even branch to branch. Though, the banks don't penalise the account holders for this every day.
| Get account balance | Give a missed call to 09223766666 |
|---|---|
| SMS “BAL” to 09223766666 | |
| Get mini statement | Give a missed call to 09223866666 |
| SMS “MSTMT” to09223866666 |
Customers with savings accounts in semi-urban areas and rural areas must maintain a minimum balance of Rs. 5,000 and Rs. 2,000 per month, respectively.
The per transaction limit is Rs.49,900/- for Cardless deposit and through Debit Cards Rs. 2.00 lacs (subject to account has ceded with PAN number). You can also deposit cash in your PPF, RD and Loan accounts. Upto 200 currency notes can be deposited in a single transaction.
You have to pay Rs. 500 + GST if you close your account after 14 days but within 1 year. There are no changes when you close your account within 14 days or after one year of its opening.
What happens if my SBI account balance is zero?
Here are some features of a zero balance account in SBI: There is no need to keep a minimum balance in zero balance account. Deposits and withdrawal services are free of cost. For non-operation or activation of inoperative accounts, the bank cannot levy charges.
For someone not maintaining ₹3,000, with a shortfall of less than or equal to 50%, will be charged ₹10 plus GST. The penalty for non-maintenance of minimum balance in a metro or urban centre branches of SBI with a shortfall 50-75% and more than 75% will be ₹12 and ₹15 plus GST, respectively.
| Bank | Name of zero-balance savings account | Interest rate |
|---|---|---|
| IndusInd Bank | Indus Small Savings Account | 4% |
| IDFC Bank | Pratham–savings account (BSBDA) | Up to 6.75% |
| RBL Bank | Digital Savings Account | 7.00% |
| Kotak Mahindra Bank | 811 | 3.50% |
The idea is simple - you can open a Savings Account, but you don't have to maintain a minimum balance in it. As the name of the account implies, this is a zero-balance account. Therefore, you don't have to maintain a minimum balance. Consequently, there is no penalty in the case of zero balance.
An early account closure fee is a predetermined amount of money — usually between $5 and $50 — that the bank will charge you for closing your account soon after opening it. Of the banks that charge this fee, many will impose it upon customers who close their accounts within 90 days of opening.
What if You Don't Maintain the Minimum Balance? Sometimes, you can face consequences for failing to maintain a minimum balance. For instance, you may be hit with a monthly maintenance fee if your balance falls below the minimum. Or, you may need to keep a minimum balance to earn a certain amount of interest.
Some banks charge a maintenance (or monthly) fee if you go below a certain balance in your account. Banks may charge these fees to encourage deposits or certain balances. This helps banks guarantee you'll either have a certain amount in your account or you'll be paying a fee.
- Balance Enquiry. ...
- You may give a Missed Call or send an SMS 'BAL' to 919223766666.
- MOD Balance Enquiry.
- Send SMS “MODBAL” to “919223766666” to get available balance and MOD balance as response through SMS.
- Mini Statement. ...
- You may give a Missed Call or send an SMS 'MSTMT' to 919223766666.
- Visit the SBI's official portal.
- Login to your personal account.
- Enter your bank account number, branch name and other details.
- Click on the option “Click here for Balance”
- Your will be shown your balance next.
If you want to find out if your bank account is open or closed, you can send money to anyone using Internet banking or one of the payment options like phone pay, google pay, or Paytm. Your SBI Bank Account is active if you are able to transfer money using these methods.
What is a minimum balance fee?
This is a charge that applies if your account dips below a certain balance. 2. If the bank sets a minimum balance, you may be asked to have at least that amount or more in your account at all times.
As the name suggests, this is a minimum amount of money that must be maintained in an account for the customer to avoid penalty, and avail of benefits like better interest rates. This balance is required for banks to cover the cost of operations.
For example, the cash deposit limit in SBI for current accounts is 5 lakh to INR 100 crore per month. In HDFC it is 60 lakh or ten times the value of the current monthly balance (AMB), after crossing this limit the bank may charge some interest from the depositor.
Savings account is one of the most vital financial products offered by all Indian banks. This account allows accountholders to keep your fund and earn an interest rate. State Bank of India (SBI) offers different types of savings accounts to its customers that come with a host of facilities, offers, and benefits.
CASH DEPOSIT – BANK BRANCH
Charges: In a bank branch, SBI allows 3 cash deposit transactions in a month free of cost. Beyond 3 transactions in a month, SBI charges Rs 50 plus GST for every such transaction.
