Quick Answer: Does SBI Remove Minimum Balance?

What is the minimum balance required in SBI current account?

Rs.

10,000SBI Current Account Interest RateSBIRegular Current AccountMinimum Account BalanceRs.

10,000Non Maintenance ChargeNon Rural – Rs.

5,000 Rural – Rs.

2,500Interest RateNil.

Can I open zero balance account in SBI?

1) SBI BSBD account can be opened by all individuals having valid know-your-customer (KYC) documents. 2) SBI zero balance savings account can be opened singly, jointly, or with either or survivor. 3) The minimum balance amount to be maintained is zero in SBI zero balance account.

Which bank saving account is best?

Read on for more details about each savings account.Citibank AcceleRate Savings Account. … Standard Chartered Privilege$aver. … OCBC 360 Account. … UOB Stash Account. … Hong Leong Bank Pay&Save Account. … Alliance SavePlus Account.

Which saving account is best?

Best savings accounts & rates of January 2021High Rate: Discover Bank – 0.50% APY.High Rate: Marcus by Goldman Sachs – 0.50% APY.High Rate: CIT Bank – up to 0.45% APY.High Rate: Barclays Bank – 0.40% APY.High Rate: Capital One – 0.40% APY.High Rate: Citizens Access – 0.40% APY.High Rate: PurePoint Financial – 0.40% APY.More items…

What is the minimum balance required for current account?

Current Account Monthly Average Balance and Withdrawal Limit 2021BankMinimum Average BalanceICICI Bank Smart Business AccountRs. 25,000HDFC Bank Regular Current AccountRs.10,000 per quarterBank of Baroda Baroda Small Business Current AccountQuarterly Average Balance Rs. 2,500SBI Regular Current AccountRs. 10,0002 more rows

What happens if minimum balance is not maintained in SBI?

For someone not maintaining ₹3,000, with a shortfall of less than or equal to 50%, will be charged ₹10 plus GST. The penalty for non-maintenance of minimum balance in a metro or urban centre branches of SBI with a shortfall 50-75% and more than 75% will be ₹12 and ₹15 plus GST, respectively.

Which bank has no minimum balance?

Latest Interest Rate for Zero Balance Savings AccountBankName of zero-balance savings accountInterest rateKotak Mahindra Bank8114% to 6%Standard Chartered BankBasic Banking Account0.5% to 4.90%HDFC BankBasic Savings Bank Deposit Account3.50% to 4%Axis BankBasic Savings Account3.50% to 4%5 more rows

What is the minimum balance in all banks?

List of All Banks Savings Account Interest Rates and Minimum Balance 2021List of Savings Account BanksMinimum Balance Required(INR)HDFC Bank2500/5000/10000/25000ICICI Bank0/1000/2000/2500/5000/10000IDBI Bank500/2500/5000IDFC Bank2500033 more rows

What is minimum maintaining balance?

The minimum balance for a bank account is the minimum dollar amount that must be maintained to receive certain benefits or to keep the account open. … Minimum balances can be enforced by charging fees, denying interest payments, or closing the account if the minimum balance is not maintained.

Can I close my account with a negative balance?

No. You cannot close your bank account with a negative balance. You may only close it after bringing your balance to positive and paying the bank penalties. However, your bank can force closure of your account if you fail to satisfy your debt within the time your bank allows you to do so.

How SBI minimum balance is calculated?

MAB is calculated by dividing the sum of the closing balance in your account of each day with the number of days in a particular month (as illustrated in the table below).

What will happen if I don’t maintain minimum balance?

Most banks require their customers to maintain a minimum balance in their account. They charge their account holders for the non-maintenance of minimum average balance (MAB). … If customers fail to maintain this balance, they will have to pay a penalty of up to Rs 75 – every month!

How can we avoid minimum balance charges?

To avoid such circumstances, you can opt for a zero balance account. You can open a zero balance account, even if you are a non-salaried account holder of a bank. With this option, account holders will not be required to maintain a monthly average balance.

Is SBI good for current account?

0.5 4.0/5 “Great!” I have a current account with SBI from last 2 years, the banking services are good in this bank. … I have to maintain Rs 10000 as minimum balance in this account.