BANKING AFFAIRS

Detailed explanation-1: -According to banking terminologies, average monthly balance or AMB is the average amount that you must keep in your savings account every month. A maintenance charge is levied if the account’s average monthly balance is not maintained. The amount is computed at the end of each month.

Detailed explanation-2: -It is Rs.500 for non-cheque operated account and Rs.1000 for cheque operated account in other branches.

Detailed explanation-3: -The minimal monthly ceiling in semi-urban areas is set at Rs 5, 000. Customers of the bank’s savings accounts in rural areas are required to keep an average quarterly balance of Rs 2, 500. When AMB is not maintained, the bank imposes fines.

Detailed explanation-4: -SBI Savings Account Minimum Balance 2022 and Penalty The average minimum balance for Metro & Urban Centre branches was Rs 3000 and Rs 2000 for semi-urban centre branches while that for rural branches was Rs 1000.