State Bank of India (SBI) is the largest public-sector bank and caters to almost all Indians. The SBI has over 40 crore customers including government servants. State Bank has made changes in its policy and charges for the saving account holders were removed in 2020. These included Surabhi SB accounts (excluding all Salary Package accounts), No Frill Accounts, Basic Savings Bank Deposit, Small & PMJDY a/cs, Pehla Kadam and Pehli Udaan accounts, Minors up to the age group of 18, Pensioners of all categories, Recipients of social security welfare benefits (Direct Benefits) and students up to the age of 21 years.
SBI Savings Account Minimum Balance 2022 and Penalty
With effect from August 2020, the SBI has removed the minimum saving account balance penalty for all savings bank account holders. This includes all three kinds of accounts – Urban, semi-urban and rural branches. The average minimum balance for Metro & Urban Centre branches was Rs 3000 and Rs 2000 for semi-urban centre branches while that for rural branches was Rs 1000.
SBI Savings Account Interest rate, Calculator
The SBI Saving Account interest rate for deposits below Rs 10 crore stands at 2.7% and 3% for accounts with deposits over Rs 10 crore. So, suppose if your bank account has Rs 5 lakh, you will earn an interest of Rs 1,125 per month.
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SBI Savings Account Closing Charges
If you have a savings account with the State Bank of India and you want to close it, you can do it by visiting the SBI branch. If a savings account is closed within 14 days of opening, the bank levies no charge for closing the account. However, if the account is closed after 14 days and before 1 year of opening of the account, a charge of Rs 500 is collected from the customer. If the account is more than one year old, no closing charge is imposed.
