The minimum balance required in SBI savings accounts varies depending on the type of account. However, most SBI accounts do not require a minimum balance to be maintained. The following are the minimum balance requirements for some of the SBI savings accounts:
- Basic Savings Bank Deposit Account: No minimum balance required.
- Basic Savings Bank Deposit Small Account: No minimum balance required.
- Savings Account for Minors: No minimum balance required.
- Zero Balance Savings Account: No minimum balance required.
- Basic Checking Account: No minimum balance required.
It is important to note that SBI used to levy a fine for non-maintenance of the average monthly balance. However, with effect from August 2020, the bank has removed the minimum saving account balance penalty for all savings bank account holders.
