SBI account minimum balance, free cash withdrawal benefits: Key things to know
SBI has classified its branches into metro, semi-urban and rural areasSBI has listed out guidelines on the average monthly balance (AMB) rules applicable to its savings bank accounts
PremiumCountry's largest lender State Bank of India (SBI) requires its customers to ensure a minimum balance in their savings bank accounts. SBI has listed out guidelines on the average monthly balance (AMB) rules applicable to its savings bank accounts, and the penalty charges for non-compliance, on its website. SBI has classified its branches into three categories: metro, semi-urban and rural areas. Its customers holding savings accounts are required to maintain average monthly balance to the tune of ₹1,000-3,000 to avoid any penalty charges, according to the bank's website.
An SBI account holder maintaining average monthly balance up to ₹25,000 will be allowed two free cash withdrawals at bank branches. An SBI account holder with average monthly balance above ₹25,000 and up to ₹50,000 will get 10 free cash withdrawals. Above ₹50,000 and up to ₹1,00,000 in their account will be allowed 15 free cash withdrawals at bank branches. If average monthly balance in your account is above ₹1,00,000, the account-holder can do unlimited number of free cash withdrawals. A customer can withdraw up to ₹50,000 at non-home branches. If the cash withdrawal exceeds the free limit, SBI levies certain charges for that.
Average Monthly Balance in SBI savings bank account and number of free cash withdrawals per month at branch
Up to ₹25,000 - 2
Above ₹25,000 up to ₹50,000 - 10
Above ₹50,000 and up to ₹1,00,000 - 15
Above ₹1,00,000 - Unlimited
Charges for transactions beyond the free limit ( ₹per transaction) ₹50/- + GST
Cash withdrawal limit at non-home branches by the customer for self: ₹50,000
However, these charges are not applicable to small/no frill deposit accounts, SBI stated on its website.
SBI customers can do unlimited transactions in a month through internet or mobile banking.
Average Monthly Balance (AMB) in SBI savings bank account and number of free transactions per month through internet or mobile banking:
Up to ₹25,000 -unlimited
Above ₹25,000- up to ₹50,000 -unlimited
Above ₹50,000 - up to ₹1,00,000 - unlimited
Above ₹1,00,000 - unlimited
SBI offers its customers 3.50% interest rates on savings deposit balance of up to ₹1 lakh. Above ₹1 lakh, the interest rate levied on savings balance is 3%.
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