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September 25, 2017

SBI revises service charges on minimum balance

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India's largest bank, State Bank of India (SBI) has reviewed its Monthly Average Balance (MAB) requirement and charges for non-maintenance of MAB. The bank has also announced to exempt the pensioners, beneficiaries of social benefits from the Government and accounts of Minors from service charges.

According to new rules, the bank will treat the metro and urban centres in the same category and the requirement of MAB in metro centres stands reduced to Rs.3000/- . For non-maintenance of MAB, the charges have also been revised downward ranging from 20% to 50% across all population groups and categories. The 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/-. The revised MAB requirement and charges will become applicable from the month of October 2017. 

The following categories of Savings Bank Accounts are excluded from MAB requirement:
  • Financial Inclusion Accounts
  • Basic Savings Bank Deposit Accounts
  • Small Accounts
  • Pehla Kadam and Pehli Udaan accounts.
  • Minors up to the age group of 18 (Primary Account Holder)
  • Pensioners, all categories, including recipients of social welfare benefits

The bank also clarified that customers always have the option of converting the regular savings bank account to BSBD (Basic Savings Bank Deposit) account, free of charge, in case he desires to avail basic savings bank facilities without being subject to maintain MAB.

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