SBI lowers minimum balance to RS. 3,000
25 Sept 2017 11:13 PM IST
Mumbai: Country's largest lender State Bank of India on Monday lowered 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 revised MAB requirement and charges will become applicable from October, the bank said in a statement.
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.
In April, the bank had re-introduced MAB and charges for non-maintenance of balance after a gap of five years.
In metropolitan areas the minimum balance requirement was Rs 5,000. For urban and semi-urban branches, it was fixed at Rs 3,000 and Rs 2,000, respectively, and for rural branches it was Rs 1,000.
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