Updated By: LatestGKGS Desk
SBI Minimum Account Balance (MAB) Charge for Saving Accounts
SBI reviewing minimum balance Charge for Saving Accounts that are Over one year old
State Bank of India (SBI) said it is reviewing charges for certain categories of accounts for non-maintenance of monthly average balance (MAB) after receiving feedback from the customers.
In April 2017, the country’s largest lender reintroduced charge on non-maintenance of monthly average balance (MAB) after a gap of five years.
Charges:
* As per the list of revised charges of SBI, failure to maintain monthly average balance in accounts will attract a penalty of up to Rs 100 plus goods and services tax (GST).
* In metropolitan areas, there will be a charge of Rs 100 plus GST, if the balance falls below 75 percent of the MAB of Rs 5,000. If the shortfall is 50 percent or less of the MAB, then the bank will charge Rs 50 plus GST.
* The monthly average balance requirement has been kept at Rs 1,000. Any shortfall in maintaining the minimum balance in rural areas can attract penalty in the range of Rs 20 to Rs 50 plus GST.
* The bank has over 40 crore savings bank accounts, which includes 13 crores of Basic Savings Bank Deposit (BSBD) and Pradhan Mantri Jan—Dhan Yojana (PMJDY) accounts.
* The bank has exempted BSBD and PMJDY accounts from maintaining the minimum balance requirement.
* Out of the 27 crore normal savings bank accounts, nearly 15—20 percent are those where customers are not maintaining monthly average balance.
