SBI minimum a/c balance down to Rs 3,000

Mumbai, September 25

Country’s largest lender State Bank of India today 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.

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SBI has also decided to exempt pensioners, beneficiaries of social benefits from the government and minors from the requirement of minimum balance in their savings accounts. 

For non-maintenance of MAB, the charges have been revised downward ranging from 20 per cent to 50 per cent across all population groups and categories.— TNS/PTI