State Bank of India Eases Minimum Balance Rules On Savings Accounts

Posted on:26 Sep 2017 10:40:30
State Bank of India Eases Minimum Balance Rules On Savings Accounts
26 September 2017 Current Affairs: State Bank of India lowered the Minimum Average Monthly Balance (MAB) requirement in a savings account to Rs 3,000 from Rs 5,000 and also revised downwards penalties for not maintaining such a balance.

From July 1, tax on banking has been revised to 18 percent under Goods and Services Tax (GST), the new indirect tax regime.

The Reserve Bank of India (RBI) allowed banks to levy charges on non-maintenance of minimum balance in normal savings accounts.

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