The largest state-run bank, State Bank Of India (SBI), has made compulsory for its account-holders to maintain a minimum balance, and ready to shell out fine from April 1 if they fail to maintain the same.
The bank has categorised the maintenance sum of Rs 5,000 for accounts in metropolitan areas, Rs 3,000 in urban areas, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas, and it would be effective from April 1.
These charges will be based on the difference between the minimum balance required and the shortfall. For metropolitan areas, if the shortfall is greater than 75 per cent. The charges would be Rs 100 plus service tax.
If the shortfall is between 50-75 per cent, the bank would charge Rs 75 plus service tax and for below 50 per cent shortfall, a fee of Rs 50 plus service tax would be levied, according to the SBI notification of new charges.