What Is the Minimum Balance in SBI Account?

Disclaimer: The information published on LoansJagat is intended for general informational and educational purposes only and should not be considered financial, legal, or investment advice. Interest rates, loan terms, statistics, and other data may change over time and may vary by lender or source. Please verify the latest information and consult a qualified financial advisor or the respective Bank/NBFC before making any financial decisions.

What is Minimum Balance?

For SBI savings bank accounts, customers are not charged a penalty for non-maintenance of the Average Monthly Balance. Not all banks have the same minimum balance requirement. Not all accounts need a minimum balance. Some accounts, such as Basic Savings Accounts, have no minimum balance requirement.

SBI Minimum Balance Rules

Regular savings account customers in SBI do not need to maintain a minimum balance. SBI has waived charges for non-maintenance of the Average Monthly Balance in savings bank accounts.  

Also Read: How to Link Aadhaar Card with SBI Account Online & Offline

SBI Bank Minimum Balance Requirement by Account Type

1. Savings Bank Account

Customers of SBI savings accounts can use their account without a minimum balance requirement. There is no upper balance limit, but standard transaction limits and ATM withdrawal caps depend on your debit card variant. Also, there is no penalty for non-maintenance of minimum balance for these accounts.

Features of a savings account in SBI:

1. Mobile banking
2. SMS Alerts
3. Internet banking
4. YONO

2. Basic Savings Bank Deposit (BSBD) 

A BSBD account can be opened subject to SBI's eligibility and applicable KYC requirements. This account is designed for those who have a low income and those who want to start an account in a bank without worrying about minimum balance criteria or charges.

People with this account do not have to maintain a minimum average balance or Minimum balance amount. Also, there is no upper limit on the amount of money that you can keep in your BSBD account. But BSBDA-Small accounts have limits on aggregate balance. The aggregate balance cannot exceed ₹50,000, while total credits cannot exceed ₹1 lakh in a financial year. Similarly, there is no limit on the number of deposits, so you can deposit any amount anytime in your account. Also, under this account customers are allowed to withdraw money four times a month, including ATMs and other options. 

Condition

A BSBD account is not like your savings account. You can open multiple savings accounts in different banks. A customer is generally permitted to maintain only one BSBD account in a bank, subject to the applicable RBI and bank rules. Also, customers cannot maintain any other operational savings bank account with the same bank where they hold a BSBDA. 

Service and charges of BSBD

• You get a RuPay ATM-cum-Debit Card free of cost. You don't need to pay an annual maintenance fee for the card.
• You don't need to pay a charge for depositing or collecting cheques issued by the Central or State Government.
• You can reactivate your account without any charges.
• There are no fees for closing this account.

3. Savings Plus Account

There is no limit on the maximum amount you can keep in the account. This account is linked with a Multi Option Deposit (MOD) account. That means, if you have ₹30,000 in your account and you add ₹30,000 more. Your current balance is ₹60,000. Under the Savings Plus auto-sweep facility, the applicable threshold and sweep conditions include a minimum threshold balance of ₹50,000, a minimum resultant balance of ₹35,000, and a minimum sweep amount of ₹15,000 in multiples of ₹5,000. 

This account is best for those who want to earn higher returns on their extra money. You need at least ₹50,000 to transfer to MOD. After that, you can transfer at least ₹15,000 at a time. And any additional amount must be in multiples of ₹5,000.

4. Insta Plus Video KYC Savings Account

You can open this account from your home whenever you want; this facility is available 24/7. This account follows the rules that apply to a regular SBI Savings Account. That means there is no minimum balance requirement here. 

5. Accounts for Minors: Pehla Kadam

SBI provides banking facilities for minor accounts subject to the applicable account type, eligibility conditions, and transaction limits. In this account, a daily transaction limit is applicable. For the Pehla Kadam account, SBI specifies a maximum balance of ₹10 lakh, subject to the applicable account terms.

Charges and limits

• The cash withdrawal and POS (Point of Sale) transaction limit is ₹5,000.
• Children can make transactions like bills and recharges, and the daily transaction limit is ₹2,000.

6. Motor Accident Claims Account (MACT)

 The MACT also comes under this category, so it operates without any minimum balance requirement. 

7. Business Current Accounts (MAB Requirements)

If you are a small business owner, professional, or trader, you must have a current account. In this account, you have to maintain a Monthly Average Balance (MAB) of ₹5,000 in the account.

Read Also: SBI Zero Balance Account Opening Online – Benefits, Eligibility & Online Application

You can deposit money up to 100 times the previous month's Monthly Average Balance (MAB). But the maximum cash deposit limit is ₹5 lakh per month; this rule is effective from 1 December 2024. 

 Charges

• You need to maintain a Monthly Average Balance (MAB) of ₹5,000 in the account.
• Duplicate account statement: ₹100 + GST for every 40 entries.
• You can deposit up to ₹5 lakh per day at a non-home branch.
• An annual account-keeping charge is ₹550 + GST.
• There is no charge for closing the account within 14 days of opening. After 14 days, an account closure charge of ₹1,000 + GST applies.

How to Avoid Minimum Balance Penalties?

SBI has waived charges for non-maintenance of the Average Monthly Balance in savings bank accounts; customers should still check the terms applicable to their specific account type. But if you have any other account, like your current account. You should follow the things below.

1. Current account holders need to keep a minimum balance in their account.
2. Set up an automatic transfer.
3. Check your account balance regularly.
4. Use only your bank's ATM to avoid transaction fees.
5. Choose an account with lower charges.
6. Do not spend more money.

 You can follow the above things and avoid penalties.

Conclusion 

If you are a savings account holder, you do not have to maintain a minimum balance in your account. You can deposit as much money as you want and withdraw according to your will. But you should remember that other banking service charges, like debit card or cheque book charges, depend on your account type. LoansJagat provides all these updated SBI minimum balance rules on one page.

Frequently Asked Questions 

What is the minimum balance required in an SBI savings account?

No, there is no minimum balance requirement for a regular savings account in SBI. 

Does SBI charge a penalty for not maintaining minimum balance?

No, SBI waived savings account minimum balance penalties from 11 March 2020, but some accounts like current accounts still have minimum balance requirements.

Is there any minimum balance for SBI zero-balance accounts?

No, SBI zero-balance accounts do not have to maintain a minimum balance.

Which SBI accounts are exempt from minimum balance rules?

BSBDA, PMJDY, salary, pension, student accounts, and savings accounts are exempt from minimum balance requirements.

Can SBI close my account for not maintaining minimum balance?

No, SBI can't close your account just because you are not maintaining the minimum balance.

Does SBI require a minimum balance for salary accounts?

No, eligible SBI salary accounts are exempt from minimum balance requirements.

Will my SBI account become negative due to minimum balance charges?

No, minimum balance savings account penalties have been waived, so it can not be negative.

Do all SBI savings accounts have the same minimum balance rule?

SBI has waived charges for non-maintenance of the Average Monthly Balance in savings bank accounts, although individual account products may have different features and conditions.

Can I convert my SBI account into a zero-balance account?

Yes, if you meet the eligibility criteria for eligible account types. 

How can I check my SBI account type and balance rules?

You can check your account details through YONO, internet banking, or your branch.