The State Bank of India (SBI) is one of the largest and most popular banks in India. Maintaining a minimum balance in an SBI account is a requirement for account holders to continue using the account. The minimum balance requirement can vary depending on the type of account and the location of the branch.
What is the Minimum Balance in SBI
The minimum balance requirement in a State Bank of India (SBI) account can vary depending on the type of account and the location of the branch.
All three types of accounts are included – urban, semi-urban, and rural. For metro and urban center branches, the average minimum balance was Rs 3000; for semi-urban center branches, it was Rs 2000; for rural branches, it was Rs 1000.
However, for accounts that are opened under the government-sponsored Pradhan Mantri Jan Dhan Yojana, there is no minimum balance requirement.
It’s always good to check with the specific branch for accurate information.
What is the minimum balance in sbi savings account
The minimum balance requirement for a regular savings account in State Bank of India (SBI) is typically around average minimum balance was Rs 3000; for semi-urban center branches, it was Rs 2000; for rural branches, it was Rs 1000.
However, this can vary depending on the location of the branch and the type of account.It’s always good to check with the specific branch for accurate information.
SBI also has some variants of savings account which have different minimum balance requirements like – Basic Savings Deposit Account, Small Accounts, PMJDY account etc. Each of these accounts have different minimum balance requirement and benefits.
What is the minimum balance in sbi current account
The minimum balance requirement for a current account in State Bank of India (SBI) can vary depending on the location of the branch. Typically, the minimum balance requirement for a current account in SBI ranges from Rs. 5000, Rs. 25,000 to Rs. 2,00,000. However, this can vary depending on the type of account, location of the branch and agreements between the account holder and the bank. It’s always good to check with the specific branch for accurate information.
Additionally, SBI also has different types of current account with different minimum balance requirement and other benefits like – Cash Credit Current Account, Overdraft against Current Account, Current Plus account etc.
Features, Benefits and Advantages of sbi current account
- The Average Balance:e: Rs 5,000.
- Cash deposits up to Rs 5,00,000/- per month are free.
- Convenience to withdraw and deposit cash at all 22000+ SBI Bank branches.
- Free Cash Withdrawal from Home Branch.
- Free access to the Safest, Securest, Fastest Corporate Internet Banking.
- Free NEFT/RTGS through Internet Banking & Mobile Banking.
- Receive 50 multi-city checks per month for free.
What is saving account in sbi
A savings account is a type of bank account that typically earns interest on deposited funds. In the case of State Bank of India (SBI), a savings account is a basic account that allows individuals to deposit and withdraw funds, as well as perform other transactions such as electronic fund transfers. SBI savings accounts also offer features like ATM card, internet banking, mobile banking and passbook facility. SBI’s savings account typically requires a low minimum balance and may offer other benefits such as a debit card and online banking access.
What is current account in sbi
A current account, also known as a checking account, is a type of bank account that is typically used for business or commercial transactions. In the case of State Bank of India (SBI), a current account is an account that is designed for businesses, self-employed individuals, and other organizations that have a high volume of transactions.
A SBI current account typically allows for an unlimited number of deposits and withdrawals, and may offer features such as check-writing and online banking. SBI’s current account typically requires a higher minimum balance than a savings account and may also have higher fees. The account holders in current account can withdraw the amount as per their requirement and there is no limit on the number of withdrawal. It is mostly used by business people and firms for their day to day transactions.
Comparison of saving account vs current account.
Here is a comparison of savings account vs current account for State Bank of India (SBI):
| Feature | Savings Account | Current Account |
|---|---|---|
| Minimum balance requirement | Typically low | Typically high |
| Interest earned on balance | Yes | No |
| Number of transactions | Limited | Unlimited |
| Check-writing capability | No | Yes |
| Debit card/ATM card | Yes | Yes |
| Suitable for | Individuals | Businesses/Firms |
Please note that these features may vary depending on the bank and specific account type. It is always best to check with the bank for more information.
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FAQ: About what is the minimum balance in sbi
Here are some frequently asked questions (FAQ) about minimum balance requirements for State Bank of India (SBI) savings and current accoun
The minimum balance requirement for a SBI savings account can vary depending on the branch and location. Typically, SBI requires a minimum balance of INR 500 for regular savings accounts, INR 2000 for basic savings bank deposit accounts and INR 1000 for small accounts. However, it is always best to check with your local branch for the specific minimum balance requirement.
Yes, if the account holder fails to maintain the minimum balance in the savings account, SBI charges a penalty fee.
Yes, SBI offers basic savings bank deposit accounts which can be opened with zero balance.
The minimum balance requirement for a SBI current account can vary depending on the branch and location. Typically, SBI requires a higher minimum balance for current accounts than for savings accounts. It is best to check with your local branch for the specific minimum balance requirement for a current account.
Yes, if the account holder fails to maintain the minimum balance in the current account, SBI charges a penalty fee.
No, SBI doesn’t offer current account with zero balance, you have to maintain the minimum balance as per the bank’s guidelines.
