SBI to reintroduce penalty on lower than minimum balance accounts

After a gap of five years, State Bank of India has decided to reintroduce penalty on non-maintenance of minimum balance in accounts from April 1, and revised charges on other services, including ATMs. In metropolitan areas,  there will be a charge of Rs 100 plus service tax, if the balance falls below 75 per cent of the MAB of Rs 5,000. If the shortfall is 50 per cent or less of the MAB, then the bank will charge Rs 50 plus service tax. The bank will permit sayings account holders to deposit cash thrice a on the free of charges and levy Rs. 50 plus service tax on every transaction beyond that.

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