Latest SBI Saving And Current Account Closing Charges 2020

State Bank of India is the largest bank in the public banking sector of India. SBI has around 24000 branches, and 59000 ATMs pan the world. SBI has around 420 million satisfied customers. It offers excellent banking facilities unmatched in the industry aiming to satisfy its customers.

SBI upgrades its banking facilities and services as per the latest trends. Though SBI provides unique banking facilities and services, there may be some dissatisfied customers.

Are you able to access the excellent banking facilities of SBI? If you are unable to access the offered services, you may preferably close your savings or current account at SBI.

If you have a savings account with any other bank, you may have gathered information about account closing charges, Charges for account closing varies with banks so you can’t compare the prices with closed eyes.

Of course, the internet is the best source to collect information about anything. If you search for the account closing charges for SBI, you may get misguided with the previous charges.

SBI has revised the account closure charges for 2020, and if you close your savings or current account, new charges apply to it. On this page, you will get info about the latest SBI Account Closing Charges 2020.

AccountClosure Charges Upto 14 Days OpeningClosure Charges After 14 Days To 1 YearClosure Charges  1-5 Year
 Saving Bank Account NIL Rs. 500 + GST NIL
 SME (company/Non-individual) NIL Rs. 1000 + GSTRs. 500 + GST
 Current Account NIL Rs. 1000 + GSTRs. 500 + GST

sbi account closure charges 2020

Comparison of existing and revised charges for SBI account closure

  • If you have recently opened the savings account with SBI and you want to close the account within 14 days of account opening, the previous charges were nil, and the revised fees continue to be the same.
  • If you decide to close the account after 14 days of account opening but within one year, the previous closing charges were Rs 500 + GST, and the revised costs continue to be the same.
  • If the validity of your account exceeds one year from the account opening date, the previous charges for account closing were Rs 500+ GST, but the revised price is nil.
  • If you are closing the savings account of a deceased depositor, you need not pay any charges as per the revised charges, but the previous charges applicable was Rs 500+ GST.
  • If you want to close a Basic Savings Bank Deposit account in SBI, you need not pay any charges, but the previous costs were Rs 500+ GST.
  • SBI current closing charges is zero up to 14 Days of account opening, but after 14 Days to charges will be rs 1000 + GST.

Of course, SBI revised the account closing charges and has come up with convenient services for its customers. It has eliminated the account closing charges in some categories. Stay updated and don’t get misguided with the previous charges.

Table Updated: 31 March 2020

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