SBI reduces minimum balance limit to Rs 3,000


Mumbai: Country’s largest bank, State Bank of India (SBI) has reduced minimum monthly average balance (MAB) on savings accounts for metros from Rs 5,000 to Rs 3,000 and charges for non-maintenance were reduced by 20-50 percent across categories.

Effective from October 1, the bank said it has decided to treat the metro and urban centres in the same category and the requirement of MAB in metro centres stands reduced to Rs 3000.

Minimum balance for urban, semi-urban and rural centres continues to be at Rs 3,000, Rs 2,000 and Rs 1,000, respectively, as per the bank’s website.

The government bank has also removed charges for non-maintenance of Monthly Average Balance (MAB) for pensioners, beneficiaries of social benefits from the government and accounts of minors.

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