How To Check Minimum Balance Savings Account And Charge Penalty For Not Maintaining Minimum Balance

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Posted on 24-06-2021 by Admin


How To Check Minimum Balance Savings Account And Charge Penalty For Not Maintaining Minimum Balance

Few people know that if we should keep minimum balance in the bank. What should be the minimum balance in the savings account of the bank. If we do not keep the minimum balance in the savings account, then how much fine do you get. Due to less knowledge of the people, the bank deducts the money from the fine. When people s money is deducted, then people find out from the bank, then it comes to know that you have not kept the minimum balance in the bank.

State Bank of India (SBI or SBI) has earned crores of rupees from fines due to not having minimum balance in the savings account of the people. After this, the matter of Minimum Balance (MAB) has once again come under discussion.

How does the bank charge penalty for not maintaining minimum balance 

If your account has been changed to Rs 3,000 in SBI metro cities, Rs 2,000 in urban areas and Rs 1,000 in rural areas. If you are an SBI customer and this minimum amount is not deposited in your savings account, then the bank charges you a penalty. Meaning that you have to keep a minimum balance in the savings account of SBI Bank.

How to set minimum balance in savings account How does the bank charge penalty for not maintaining minimum balance How to set minimum balance in savings account

For example, in metro cities, the minimum deposit amount in SBI account is Rs 3,000 and if you have 75% or less than Rs 750 in your account, you will be levied a penalty of Rs 50 plus GST.

How to check minimum balance in your savings account from home, How to check minimum balance in your savings account from home

Know SBI Account Balance This way customers can check their account balance and mini statement by making a missed call from their registered mobile number. Customers can do this by calling on 92237 66666 from their registered mobile number

How to calculate minimum balance in savings account 

How to calculate minimum balance in savings account, how penalty is levied on minimum balance in savings account

Suppose your bank has asked you to maintain an average balance of Rs 5,000. Let us take for example the month of August.

4,000 rupees are present in your bank account on 1st August. On 12th August you made a withdrawal of Rs 3,000 and on 18th August you deposited Rs 9,000.

This means that you now have a total of Rs 10,000 in your bank account.

Accordingly, the amount deposited in your account from August 1 to 12 (total 11 days) = (4,000 x 11) Rs 44,000

From August 12 to August 18 (total 6 days) Amount deposited in your account = (1,000x6) Rs.6,000

From August 18 to August 31 (total 13 days) the amount deposited in your account = (10,000x13) Rs 1.3 lakh

31 days total deposit = Rs.1.8 lakh (44,000+6,000+1,30,000)

Average amount for 31 days = Rs 5806 (Rs 1.8 lakh / 31)

This means that your average monthly balance is more than Rs 5,000 i.e. you will not be charged any penalty from SBI. Your account balance is calculated based on the amount deposited as of the end of that day.

 

What is the penalty charged by the bank for not maintaining the minimum balance in SBI savings account?

For example, in metro cities, the minimum deposit amount in SBI account is Rs 3,000 and if you have 75% or less than Rs 750 in your account, you will be levied a penalty of Rs 50 plus GST.

 


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