State Bank slashes minimum balance to ₹3000, spares minors, pensioners

State Bank slashes minimum balance to ₹3000, spares minors, pensioners

State Bank slashes minimum balance to ₹3000, spares minors, pensioners

Additionally, the bank has also brought down service charges on not maintaining monthly average (MAB) balance by a whopping 20-50%.

After amalgamation with its five associate banks and Bharatiya Mahila Bank, SBI had revised the charges on account holders' minimum balance (non-maintenance), ATM use and cash-handling, among others, with effect from April 1.

In a statement issued here on Monday, SBI said that the bank has chose to treat metro and urban centres in the same category.

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SBI said in a statement: "The pensioners and beneficiaries of social benefits from the government and accounts of minors (upto 18 years) will be exempted from minimum balance requirement".

This change in minimum balance under MAB rules came within days of SBI mentioning that it was analysing the customer feedback it received over charges for non-maintenance of minimum account balance.

The MAB for semi-urban areas has been unchanged at Rs 2,000, but penalties for non-maintenance have been slashed for this group. People who had accounts under the Prime Minister's Jan Dhan Yojana and Basic Savings Bank Deposits Accounts were already exempted. The lender has 42 crore savings bank accounts of which 13 crore belong to this category.

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Earlier, in the metros, the bank was charging Rs 100 plus GST if the balance fell below 75 per cent of the MAB of Rs 5,000.

Mumbai: The State Bank of India customers should have a reason to rejoice as a news report claims country's largest public sector lender has tweaked its minimum balance requirement rules for savings bank account holders.

By taking all the opinions of the customers, now State Bank of India cuts the minimum balance requirement. Whereas, if the average balance at the end of the month comes out to be anywhere from Rs 1,499 to Rs 750 then the penalty for non-maintenance of MAB will be Rs 40, and Rs 50 if the MAB is below Rs 750. If the shortfall is 50 per cent or less of the MAB, then the bank will charge Rs 50 plus GST.

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SBI also revises the penalty charges.

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