Minimum Balance In SBI Savings Bank Account In Metros Reduced From Rs 5,000 To Rs 3,000

The Logical Indian Crew

September 26th, 2017

Courtesy: Business Standard | Image Credit: Madhyamam

The State Bank of India (SBI) has revised the monthly average balance or minimum balance in savings in metro and urban areas to Rs 3,000 from the earlier Rs 5,000.



The new rules will be applicable from October 1.

Furthermore, SBI also said in a statement that pensioners and beneficiaries of social benefits from the government and accounts of minors (upto 18 years) will be exempted from minimum balance requirement. The financial inclusion including Jan Dhan accounts have never been subject to any charges.


Slashed charges on non-maintenance of minimum balance

Following the outcry over levying fees for failing to maintain MAB, the bank also slashed the penalties for not maintaining the same.

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



Also read: 

You Can Open SBI Basic Savings Account To Avoid Penalty For Not Maintaining Minimum Balance

Share your thoughts..

Related Stories

SBI Waives Closure Charges For Savings Accounts That Are Over Six Months Old

SBI Waives Closure Charges For Savings Accounts That Are Over Six Months Old

You Can Open SBI Basic Savings Account To Avoid Penalty For Not Maintaining Minimum Balance

SBI Minimum Balance Rule

SBI Minimum Balance Rule Turns Over 100 Students Penniless, Officials Ask To Close Accounts

SBI Cuts Interest Rate

For First Time In 6 Years, SBI Cuts Interest Rate On Savings Account Deposits; Read To Know

SBI New Charges

SBI’s New Charges Effective From Today; Know About Them

Latest on The Logical Indian

Get Inspired

Karnataka Auto Driver Turns His Auto Into An Ambulance At Night, Gives Free Rides To The Needy

News

Bengaluru: Shia Muslim Group Attacked India Today’s Office Over Aaj Tak TV Anchor Rohit Sardana’s Comment

News

President Gives Nod To New Amendment Of Insolvency And Bankruptcy Code

News

Lucknow: Medical College Directed By SC To Pay Rs. 10 Lakh To Students Who Were Illegally Admitted

News

Nitin Gadkari’s Private Secretary’s Firm Received Govt Aid In Violation Of Civil Services Rule

Awareness

Google Can Track Android Users Even As Their Location Services Are Turned Off: Quartz Report