Many of you would have been thinking if there is a way to confirm what is the minimum balance that has to be maintained in your SBI account. There were announcements that SBI has waived off minimum balance requirements for savings bank account held with them, but given the fact that there are multiple account types (like with / withoucan’t t cheque facility etc.), branch where you hold account (Metro / Urban / Semi-Urban / Rural) one have peace of mind until he/she could check this info explicitly for their account.
SBI Netbanking or App has no option to check minimum balance required (you can find average balance you maintained, but not the minimum balance required), But you can find this by looking into monthly e-Statement sent to your registered email id. In this post I will share more about this and other useful information info you can get from monthly e-Statement.
How and when do I get this Consolidated e-Statement ?
You should get you e-Statement to your registered email id from “email@example.com” (Core Banking Solution SBI email id) with subject “E-account statement for your SBI account(s)”. Statement for a each month would be sent by 15th of following month (not exactly on 15th but around that date). For e.g. you would receive January months statement by mid February. This statement will be a password protected PDF file. Details on how to open it would be clearly provided in the email (mobile number + date of birth combination).
Screen shot of monthly statement that shows minimum balance required in SBI
You can find the minimum balance requirement for your account by searching for “Required Average Monthly Balance (Required AMB)” in this PDF file. you can also find what is the average balance that you have maintained by searching for “Average Monthly Balance (AMB)”. The above details would be available in a table under a section “TRANSACTION DETAILS”. This table would look like this:
Contents of SBI eAccount statement
In addition to knowing average balance requirements for all your transactional accounts (i.e. savings account and current account), you can also verify all personal information linked to your account. The SBI monthly statement has these sections:
"MY NAME" section:
No explanation needed. This is your name as updated in SBI bank record.
"MY ADDRESS" section:
Your address as updated in SBI bank record.
"MY INFORMATION" section:
You can find your Email ID, Mobile Number, PAN, Segment (Segment is a way to categorize customers. To know more on this look at “What is SBI Customer Segment” section below in this same post)
"MY HOME BRANCH INFORMATION" section:
Your branch name/location, Branch code (same as last 6 digits of branch IFSC code), Branch Email ID, Branch Phone Number
"MY ACCOUNTS" section:
Contains list of all your Transaction accounts (savings account, current account), Other Investments (PPF, Sukanya Samriddhi account etc.)
"TRANSACTION ACCOUNTS" section:
Provides details about Account status, Currency type, MOD (Multi Option Deposit) balance, Lien/Hold amount.
"OTHER INVESTMENTS" section:
Details of PPF and Sukanya Samriddhi account held with SBI, current balance, is any nominee details provided.
Tip: If you ever have any doubt on exact Rate of interest (ROI) offered for the current quarter on PPF account, you can get authoritative answer (mind you! this is official statement from SBI) to same by looking at this section.
(Read How to Check PPF Account Maturity date in SBI if you want to know about multiple ways by which you can figure out the the exact maturity date of your PPF account.)
"Transaction Details" section:
Provides “TRANSACTION OVERVIEW” of your account. Basically, you can find details of all transaction that happened for the month for which statement is generated.
What if you find discrepancy with any of the transaction reported?
In case you find discrepancy in any of transaction in the monthly transaction list, you should report it to bank within 30 days in line with below instruction provided in the statement:
“Contents of this statement will be considered correct if no error is reported within 30 days of receipt of the statement.”
What is SBI Customer Segment?
Based on average quarterly balance (AQB) maintained, Total relationship value(TRV) SBI categorizes customers as in below table
Privilege category (Diamond and Platinum) members would get higher reward points: 3x compared to 2x for silver and gold, discount on annual locker charges (15% for Diamond, 25% for Platinum), discount on service charges like Multi city cheque book, Duplicate passbook (25% discount for Diamond, 50% discount for Platinum). To be categorized under a specific segment the customer needs to provide their consent first. Once you provide your confirmation you will be segmented for the approved category. Do note that once you provide consent for categorization you will not be able to opt out. For more details and terms, visit official SBI link https://retail.onlinesbi.com/sbijava/customer-segment-popup.html
Selecting Segment in SBI account
Majority of SBI customers would fall under ‘silver’ segment customer category (I fall under this category as well). There are no customer segmentation charges or annual charges levied by SBI bank for opting in to segmentation.
Steps to opt in for segmentation
1. Login to your SBI account via net banking
2. You should see “Select your Segment” link on the left side under “Quick Links”.
3. If for some reason you don’t find it under “Quick Links”, navigate to “My Accounts & Profile” (First item in top menu bar) page and click “Select your Segment”.
4. You can’t decide which segment you want to opt-in. It will be decided based on your relationship value with SBI, you will only have the choice to provide your consent (refer below screen shot).
5. Once you have given consent you segment will get updated. You can see the changes reflecting by clicking on “Select your Segment” again. Now you should get below screen.
6. As observed from below screen shot, you should see: “You are already provided Consent for Silver category”
(Oh yeah.. that line is grammatically incorrect! it should have rather been “You have already provided Consent”. LOL! Some one in SBI had put it like this)
You probably are already aware bank deposits up to Rs 5 Lakhs are secured and there is no default risk up to this limit. There is a verbal confirmation of same in the consolidate monthly statement:
“Each depositor is insured by the Deposit Insurance and Credit Guarantee Corporation(DICGC) up to the maximum of Rs. 5 Lakh, for both principal and interest amount held by him in the same right and”
(You would find this mentioned in tiny letters at bottom of “MY ACCOUNTS” section)