SBI To Hike Minimum Balance For Savings A/C; Hit 31 Cr People

State Bank of India has decided to increase manifold the minimum balance required for maintaining savings account from April 1, hitting 31 crore depositors including pensioners and students. 

The monthly average balance requirement has been increased to as high as Rs 5,000 for branches in six metros. 

Savings bank account holders of SBI and its five associates will have to maintain the monthly balance or else they will invite a penalty ranging from Rs 20 to Rs 100 in. SBI has 31 crore savings bank accounts.


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