SBI announces penalty for non-maintenance of minimum balance from April 1

According to bank’s notification of the new charges, if the shortfall is between 50-75 per cent, the bank would charge Rs 75 plus service tax.
In a new development, the State Bank of India announced on Friday that it’s account-holders will be penalised for not maintaining a minimum balance from April 1 onwards. In a statement on its website, the bank had listed out charges to be made effective from April 1. For metropolitan areas, the mandatory minimum balance will be Rs 5,000. In urban, semi-urban and rural areas, the charges will be Rs 3,000, Rs 2,000 and Rs 1,000 respectively. However, it must be mentioned that these charges will be based on the difference between the minimum balance required and the shortfall. For instance, if the shortfall in metropolitan areas is more than 75 per cent, the charges would be Rs 100 plus service tax.