After hue & cry, SBI revises penalty for non-maintenance of Monthly Average Balance
Sai Krishna Muthyanolla
September 26, 2017
After hue & cry about hefty charges for non-maintenance of Monthly Average Balance (MAB), SBI has revised penalty amount for non-maintenance of MAB along side revising MAB criteria.
After hue & cry about hefty charges on non-maintenance of Monthly Average Balance (MAB), the largest bank in the country, State Bank of India has revised penalty amount. These will be applicable from 01st October, 2017.
Revised criteria for Monthly Average Balance (MAB) in Savings Bank Accounts
Penalty for Non-maintenance of Monthly Average Balance (MAB) in Savings Accounts
SBI has exempted the following categories of savings accounts from the MAB requirement
Penalty for Non-maintenance of Monthly Average Balance (MAB) in Current Accounts
Explanation of Terms
Here is a brief snapshot of the other charges as on date.
50 cheque leaves free per year, thereafter Rs 3 + ST (per leaf)
If QAB >= Rs 25,000
50 cheque leaves free per year, thereafter Rs 2 + ST (per leaf)
If QAB >= Rs 1,00,000
Free
Senior Citizens
Free (irrespective of QAB)
thereafter Rs 2 + ST (per leaf)
thereafter Rs 3 + GST (per leaf)
From 14 days-upto 6 months –
Rs 255 (individual)
Rs 1019(non – individual)
After 6 months but before 12 months –
Rs 153 (individual)
Rs 509 (non- individual)
After 14 days
Rs 500 + GST (individual)
Rs 1000 + GST (non-individual)
Rs 200 + GST  (non-individual)
Regd/Speed post/courier Rs 36
Regd/Speed post/courier – Actual Expenditure (Min Rs 50 + GST)
From Rs 5,000 – 10,000 (Rs 56)
From Rs10,000 – Rs 1 Lakh (Rs 112)
From Rs 1 Lakh – 5 Lakh (Rs 225)
From Rs 5 Lakh – 10 Lakh (Rs 253)
Above Rs 10 Lakh (Rs 281- Max)
From Rs10,000 – Rs 1 Lakh (Rs 100 + GST)
Above Rs 1 Lakh (Rs 200 + GST)
From Rs10,000 – Rs 1 Lakh (Rs 4)
From Rs 1 Lakh – 2 Lakh (Rs 12)
Above Rs 2 Lakh (Rs 20)
From Rs10,000 – Rs 1 Lakh (Rs 2 + GST)
From Rs 1 Lakh – 2 Lakh  (Rs 3 +GST)
Above Rs 2 Lakh (Rs 5 + GST)
Above Rs 5 Lakh (Rs 45)
Above Rs 5 Lakh (Rs 10 + GST)
From Rs 1,000 – 10,000 (Rs 2)
From Rs10,000 – Rs 1 Lakh (Rs 4)
From Rs 1 Lakh – 2 Lakh (Rs 12)
From Rs 1,000 – 1,00,000 (Rs 5 + GST)
From Rs 1 Lakh – 2 Lakh (Rs 15 + GST)
Beyond 3 Transactions in a month (Rs 50 per Transaction)
Beyond 3 Transactions in a month (Rs 50 per Transaction + GST)
From Rs 5,000 – 10,000 (Rs 41)
From Rs10,000 – Rs 1 Lakh (Rs 51 minimum or Rs 3 per thousand)
From Rs 1 Lakh – 5 Lakh (Rs 306 minimum or Rs 3 per thousand)
From Rs 5,000 – 10,000 (Rs 50)
From Rs10,000 – Rs 1 Lakh (Rs 60 minimum or Rs 5 per thousand)
Above Rs 1 Lakh (Rs 600 minimum or Rs 4 per thousand)
Maximum Rs 2000
Semi-Urban/Rural – Rs 800
Semi-Urban/Rural – Rs 1000 + GST
Semi-Urban/Rural – Rs 1800
Semi-Urban/Rural – Rs 2000 + GST
Semi-Urban/Rural – Rs 5000
Semi-Urban/Rural – Rs 7000
Semi-Urban/Rural – Rs 7000 + GST
thereafter Rs 100 per visit
thereafter Rs 100 per visit + GST
Global – Nil
Gold –Nil
Platinum – Rs 306
Global – Nil
Gold – Rs 100 + GST
Platinum – Rs 300 + GST
Global – Rs 150
Platinum – Rs 200
Global – Rs 175 + GST
Platinum – Rs 250 + GST
Pride/Premium – Rs 350 + GST
Global – Rs 204
Gold – Rs 200
Platinum – Rs 200
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