SBI Account 2023: AMB, Penalty, Interest Rates, Schemes and Closing Charges

State Bank of India (SBI), the largest public-sector bank in India, serves a vast customer base of over 40 crore individuals, including government employees.

In 2020, SBI implemented policy changes, removing charges for various types of savings accounts.

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These changes were applicable to account categories such as Surabhi SB accounts (except Salary Package accounts), No Frill Accounts, Basic Savings Bank Deposit, Small & PMJDY accounts, Pehla Kadam and Pehli Udaan accounts, Minors up to the age of 18, Pensioners, recipients of social security welfare benefits, and students up to the age of 21.

SBI Savings Account Minimum Balance 2022 and Penalty

Effective from August 2020, SBI eliminated the penalty for not maintaining a minimum balance in all savings accounts, including those in urban, semi-urban, and rural branches.

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Previously, the average minimum balance requirements were Rs 3000 for Metro & Urban Centre branches, Rs 2000 for semi-urban centre branches, and Rs 1000 for rural branches.

SBI Savings Account Interest Rate and Calculator

SBI offers different interest rates based on the deposit amount.

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For deposits below Rs 10 crore, the interest rate is 2.7%, while for accounts with deposits exceeding Rs 10 crore, the interest rate is 3%.

To calculate the interest earned, let’s consider an example: If your account balance is Rs 5 lakh, you would earn an interest of Rs 1,125 per month.

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SBI Savings Account Closing Charges

Closing an SBI savings account can be done by visiting an SBI branch. If the closure occurs within 14 days of opening the account, no charges are levied.

However, if the account is closed after 14 days but before 1 year, a closing charge of Rs 500 is applicable.


No closing charge is imposed if the account has been open for over one year.

SBI Zero Balance Savings Account

SBI offers a Zero Balance Savings Account, which eliminates the requirement of maintaining a minimum balance.


While this account provides several benefits, there are certain limitations as well.

Account holders receive a debit card without any annual charges and can withdraw money through bank withdrawal or ATMs.

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However, checkbook issuance is not available for this account.

Benefits and Limitations of the Zero Balance Savings Account

The Zero Balance Savings Account allows customers to avoid maintaining a minimum balance and imposes no restrictions on the deposit amount.

Account holders can access NEFT/RTGS facilities and incur no charges when closing this account or any other current account.

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Rules for Opening a Zero Balance Savings Account

To open an SBI Zero Balance Savings Account, specific eligibility criteria must be met.

Individuals who already possess a regular savings account cannot open a new zero balance account.

If interested in opening a zero balance account, the regular savings account must be closed within 30 days.

Account holders can withdraw money from other bank’s ATMs free of charge up to four times per month.


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