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SBI account holders will be charged an extra ₹10 GST for not maintaining ₹3,000 as an average monthly balance.

SBI has waived off its service charges during the COVID-19 period for savings account holders.

SBI has waived off its service charges during the COVID-19 period for savings account holders.On Oct. 1, 2019, the State Bank of India (SBI) implemented revised service charges applicable to cash withdrawal, average monthly balance (AMB), deposits, and withdrawals. Failure to comply with the AMB requirement or any shortfall in the amount required led to a penalty ranging from ₹ 5 to ₹ 15 (excluding taxes), depending on the area.

On Mar. 11, 2020, the bank waived the average monthly balance requirement on all savings accounts in light of the pandemic. All SBI customers will enjoy the zero balance facility in their savings accounts. The bank has also rationalized the interest rate on savings accounts to 3 percent per annum for all savings bank account holders. 44.51 crore savings account holders would benefit from this.

Subsequently, on Aug. 15, SBI tweeted, informing that there won't be a service charge on AMB and SMS alerts. This was an extension of the March revisions. However, a minimum balance is required for opening a new account.

Till Mar. 10, SBI savings bank account customers needed to maintain an average monthly balance of Rs 3,000 in metro and urban areas, Rs 2,000 in Semi-urban areas, and Rs 1,000 in rural areas. The bank used to levy a penalty of Rs 5 to Rs 15 plus taxes on non-maintenance of average monthly balance, as stated above. If someone does not maintain Rs 3,000 as AMB and falls short by 50 percent, the individual was to be charged Rs 10 plus GST in metro and urban areas. If someone does not maintain Rs 2,000 as AMB and falls short by 50 percent, the individual was to be charged Rs 7.50 plus GST in semi-urban areas. If someone does not maintain Rs 1,000 as AMB and falls short by 50 percent, the individual was to be charged Rs 5 plus GST in rural areas. Now, this requirement is waived off, which led to no penalty at the current time.

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