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Vaishnavi kale
Vaishnavi is a Financial Content Writer at LoansJagat. She holds a B.Sc. and an M.Sc. She has experience in writing SEO-focused content across finance, digital marketing, education, and Ayurveda. Before joining LoansJagat, she worked with digital marketing agencies serving fintech clients and quick-commerce brands like Zepto and blinkit. At LoansJagat, Vaishnavi writes on banking, loans, personal finance, and insurance. Her work involves researching financial topics, understanding user search intent, and creating content that is clear and accurate. She has experience in SEO content writing, keyword research, content optimisation, and AEO. She enjoys simplifying complex topics into practical information that readers can easily understand and use. She believes that well-researched and reliable content plays an important role in helping people make informed financial decisions.
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State Bank of India (SBI) customers do not need to maintain a minimum balance. If you also have a regular savings account in SBI, you can use it according to your will. SBI removed the penalty for non-maintenance of the minimum balance on 11 May 2020. Accounts in SBI, except savings accounts, have different rules regarding Average Monthly Balance (AMB) charges.
Key takeaways
Minimum balance in sbi savings account is the lowest amount of money that the bank requires you to keep in your account to avoid penalties. 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.
Regular savings account customers in SBI do not need to maintain a minimum balance. That means all regular savings accounts do not have to maintain a balance, and they will not be penalised for zero balance. This rule is effective from 11 May 2020.
If you are a customer of SBI Bank and have a savings account, you don't need to maintain any type of minimum balance in an SBI savings account. Also, there is no limit on how much money you keep in your account. In short, you can deposit and withdraw money anytime, and there is no limit. Also, there is no penalty for non-maintenance of minimum balance for these accounts.
Features of a savings account in SBI:
This account is opened by anyone who has valid KYC documents. This account is designed for those who have 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. Similarly, there is no limit on the number of deposits, so you can deposit any amount anytime in your account.
A BSBD account is not like your savings account. You can open multiple savings accounts in different banks. You can have only one BSBD account. If you have opened this account in SBI, you can't open it in a different bank.
You don't need to maintain a Monthly Average Balance (MAB) in this account.
Also, 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 added ₹30,000 more. Your current balance is ₹60,000. Now the extra ₹10,000 is automatically transferred to a fixed deposit (MOD) 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.
You can open this account from your home and whenever you want; this facility is available 24/7. In this account too, no minimum balance is required. This account follows the rules that apply to a regular SBI Savings Account. That means there is no minimum balance requirement here.
This account is specifically designed for children by SBI. This account also has facilities like internet banking and mobile banking. In this account, a daily transaction limit is applicable. Because this account is for minors, there is no limit on the monthly average balance (MAB), but customers can not keep money above ₹10,00,000.
Charges and limits
Actually, SBI has removed the minimum balance requirement for regular savings accounts. The MACT also comes under this category, so it operates without any minimum balance requirement.
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.
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.
*T&C Apply
If you have any type of savings account, then you don't have to worry, because you don't need to maintain a minimum balance. But if you have any other account, like your current account. You should follow the things below.
You can follow the above things and avoid penalties.
If you are a savings account member, 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.
No, there is no minimum balance requirement for a regular savings account in SBI.
No, SBI waived savings account minimum balance penalties from 11 March 2020, but some accounts like current accounts still have minimum balance requirements.
No, SBI zero-balance accounts do not have to maintain a minimum balance.
BSBDA, PMJDY, salary, pension, student accounts, and savings accounts are exempted from minimum balance requirements.
No, SBI can't close your account just because you are not maintaining the minimum balance.
No, eligible SBI salary accounts are exempt from minimum balance requirements.
No, minimum balance savings account penalties have been waived, so it can not be negative.
No, requirements depend on the type of savings account.
Yes, if you meet the eligibility criteria for eligible account types.
You can check your account details through YONO, internet banking, or your branch.
