SBI minimum balance: Reduced from 5000 to Rs 3,000

The minimum balance requirement of SBI which was fixed as RS 5000 got lowered today and reduced to Rs 3000. For urban and semi-urban branches, it was fixed at Rs 3,000 and Rs 2,000, respectively, and for rural branches it was Rs 1,000.And The SBI also decided to exempt pensioners, beneficiaries of social benefits from government and minors from the requirement of minimum balance in savings account.



The penalties for non-adherence were also revised downwards. The revised minimum balance requirement and new penalty charges will become applicable from October.

The minimum balance of RS 5000 and charges became active in the month of April this year.The revision was made after a gap of five years.