Tuesday, October 16, 2018

SBI cuts minimum balance requirement in savings account to Rs 3,000 : Exempts pensioners, minors from minimum balance norm
Tuesday, September 26, 2017 - 2:53:58 PM - By News Bureau
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SBI cuts minimum balance requirement in savings account to Rs 3,000
MUMBAI : The State Bank of India (SBI) has reduced charges on non-maintenance of Monthly Average Balance (MAB) by 20-50 per cent across customer categories. SBI had faced an outcry from customers over levying fees for failing to maintain monthly average balance (MAB) in savings bank accounts.

The revised MAB requirement and charges will become applicable from October 2017, according to a statement by SBI.

For customers in metro regions, SBI has reduced minimum amount to be maintained in SB account to Rs 3,000 from previous requirement of Rs 5,000.

The revised charges at semi-urban and rural centres range from Rs 20 to Rs 40, while at urban and metro centres from Rs 30 to Rs 50.

The SBI statement said, "Pensioners and beneficiaries of social benefits from the government and accounts of minors (upto 18 years) will be exempt from minimum balance requirement. The financial inclusion including Jan Dhan accounts have never been subject to any such charges."

SBI had received several representations to revises fees charged on failing to keep minimum balance. These had triggered review of charges, which the bank began to apply from April 2017.
minimum balance requirement
savings account
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