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 / 4:19 PM

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


Contributors

Written by :

Edited by :

Share your thoughts..

Related Stories

SBI

SBI Closes Over 41 Lakh Savings Accounts For Not Keeping Average Minimum Balance 

SBI

SBI Slashes Charges For Non-Maintenance Of Minimum Balance In Savings Account Up to 70%

Not Maintaining ‘Minimum Balance’ In Your Account? Beware Of The Penalty

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

Latest on The Logical Indian

Exclusive

The Institutes Of Eminence And The Jio Institute Furor: The Wrong Debate For India And Its Youth

Get Inspired

Paralysed At 18 To Becoming A Para-athlete At 30; Meet Haryana’s Ekta Bhyan Who Won Gold For India

News

People Accused Of Crimes By CBI Being Appointed As CBI Officers; Complains CBI To Vigilance Commission

TLI Explains

TLI Explains: Can Aligarh Muslim University Allow Reservation For SC/ST Students?

Awareness

3.5 Cr Elderly Poor Are Being Given Pension Of Mere Rs 200 For Last 12 Yrs

News

Chennai: 12-Yr-Old Raped By 22 Men For 7 Months In Apartment Complex; Girl Was Drugged & Filmed

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.