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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.
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.
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