SBI to levy fine for non-maintenance of mini balance

SBI will start charging its account holders from Saturday for not maintaining a minimum balance. In metro areas, the mandatory minimum balance was set at Rs 5,000, while it is Rs 3,000 in urban areas, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas. The bank will also levy a fine of Rs 50 if customers make more than three cash transactions at its branch per month. The penalties will affect around 31 crore depositors, including pensioners and students, according to sources.

According to a notice posted on the bank's website, the charges will be levied based on difference between the required balance and the shortfall. The bank will charge a base fee of Rs 75 if the shortfall is between 50-75% , and Rs 50 is the shortfall is below 50%.