SBI lowers minimum average monthly balance to Rs 3000

  • SBI lowers minimum average monthly balance to Rs 3000
26-09-2017 | Pratidin Bureau. |

State Bank of India (SBI) has slashed the minimum average monthly balance (MAB) requirement in a savings account to Rs 3,000 from Rs 5,000 and also revised downwards penalties for non-adherence. The bank said in a statement in Mumbai yesterday that the revised MAB requirement and charges will bec applicable from October 1

The statement said the bank has decided to treat the metro and urban centers in the same category and the requirement of MAB in metro centers stands reduced to Rs 3,000 from Rs 5,000. It will remain Rs 1,000 for rural branches.

 

The public sector lender also decided to exempt pensioners, beneficiaries of social benefits from government and minors from the requirement of minimum balance in savings account.

The bank also revised downwards the penalty for non-maintenance of MAB. Now, the charges at semi-urban and rural centers range from 20 to 40 rupees and at urban and metro centres from 30 to 50 rupees.

Tags : SBI minimum average monthly balance State bank of india


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