State Bank of India (SBI), country’s largest bank, has reduced minimum monthly average balance (MAB) on savings accounts for metros from Rs 5,000 to Rs 3,000.
The new rules will be applicable from October 1.
Charges on non-maintenance of minimum balance
For non-maintenance of MAB, the charges have also been revised downward ranging from 20 percent to 50 percent across all population groups and categories, the bank said in a statement.
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“The charges at semi-urban and rural centres range from Rs 20 to 40 (from Rs 25-75 currently) and at urban and metro centres from Rs 30 to 50 (from Rs 50-100 currently).