Here comes a dead shocker news for the account holders in State Bank Of India. The bank has just made an announcement making it compulsory for all the account holders to maintain the prescribed minimum balance in their accounts. If one fails to do so, he/she will be subjected to penalty.
This new rule will come into existence from April 1, 2017. As it goes, maintenance of 5,000 rupees is mandatory for the accounts in metropolitan cities. In urban areas, it is 3,000 rupees, in semi urban it’s 2,000 rupees and when it comes to rural areas, it’s 1,000 rupees.
The penalty will be charged based upon the difference between minimum balance required and gap between the current balance and minimum balance required. If the gap is in between 50-75 percent, SBI is expected to charge 75 rupees penalty. If the gap or short fall is below 50%, then the penalty would be 50rs. These penalty charges are different from service tax. For rural areas, the penalty would range in between 20-50 rupees, plus service tax.
So, dear SBI account holders, you just shouldn’t withdraw the total amount from your banks from here. The more the shortfall is, the more you need to pay as penalty. Maintaining minimum balance is compulsory. This decision from State Bank of India is receiving mixed reviews.