Most public sector banks and private sector lenders charge their customers a penalty for failing to maintain a monthly average balance in their savings accounts. Penalties will be levied depending on the location of the bank branch and the amount maintained in the account. However, State Bank of India, the country’s largest public sector bank, has waived the penalty for not maintaining the average monthly balance.
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SBI has imposed a fine of Rs 5 to Rs 15 depending on the location of the branch where the account was opened. Customers have to maintain an average of Rs.3000, Rs.2000 and Rs.1000 in their accounts depending on the location of their branch. SBI also offers more free ATM transactions to customers who have more cash in their savings account. For example, customers with a balance of over Rs 1 lakh get unlimited free ATM transactions in a month.
Holders of savings accounts at HDFC Bank, up to Rs. 10,000 and in semi-urban areas Rs. Maintain an average monthly balance of 5,000. Customers who have savings accounts in banks in rural areas have to maintain an average of Rs 2,500 per quarter. ICICI Bank has revised the fees for maintaining the monthly average balance in different savings accounts from February 1, 2022. For bank savings accounts, the minimum monthly average balance is Rs.10,000 for metro or urban areas, Rs.5,000 for semi-urban areas and Rs.2,000 for rural areas. The bank has revised the penalty for failure to maintain the monthly average balance from 5 per cent to 6 per cent or Rs.500.
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