SBI lowers minimum balance requirement to Rs 3,000

The country’s largest lender, State Bank of India, 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 not maintaning such a balance.

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.

(Agencies)

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