SBI to charge for breaching monthly average balance in saving accounts

Posted on:04 Mar 2017 18:19:02
SBI to charge for breaching monthly average balance in saving accounts
04 March 2017 Current Affairs: State Bank of India (SBI), India’s largest public lender, will resume charging customers who don’t maintain Monthly Account Average Balance (MAB) in their savings bank accounts from April 1, 2017.

These charges will be based on the difference between the minimum balance required and the shortfall. The minimum monthly balance for savings bank account holders in metropolitan areas is Rs 5,000. 

If the shortfall -- the gap between amount in account and Rs 5,000 (MAB in metropolitan region) is 50 per cent or less, then SBI will levy a charge of Rs 50 plus service tax. For shortfalls between 50-75 per cent, the penalty will be Rs 75 plus service tax and for gaps above 75 per cent, the charge is Rs 100 plus service tax.

Similarly, in urban areas, SBI customers will need to maintain a monthly average balance of Rs 3000. In semi-urban areas, the amount is Rs 2,000, while for rural areas, the monthly average is Rs 1,000.

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