The country’s largest lender State Bank of India has brought down service charges on not maintaining monthly average (MAB) balance by a whopping 20-50%. The bank has also 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 from Rs 5000 earlier.
SBI has also revised downwards the charge for non-maintenance of MAB. 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.
Accounts which are exempt from MAB are financial inclusion Accounts, Basic Savings Bank Deposit Account, Small Accounts, Phela Kadam and Pheli Udaan accounts, Minors up to the age group of 18 (Primary Account Holder) and pensioners, all categories, including recipients of social welfare benefits.