State Bank of India (SBI) Revises Service Charges On Maintaining Monthly Balance After pressure from the government and unsatisfied customer. Based on the official website of State Bank of India, in this special type of bank account, customers do not need to maintain minimum balance amount.
SBI to cut minimum balance requirement
State Bank of India (SBI) has reviewed the requirement of maintaining Monthly Average Balance (MAB) and the charges for non-maintenance of MAB. In this context, SBI would like to state that financial inclusion including JAN DHAN Accounts have never been subject to any charges
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/-. 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.
— State Bank of India (@TheOfficialSBI) January 2, 2018
SBI is 3.5% per annum on deposits up to Re. 1 crore in Savings Bank Account. The same interest will be applicable to Basic Saving Bank Deposit Account.
The Basic Savings Bank Account can be opened at all the branches of SBI. The account holder will also get Basic RuPay ATM-cum-Debit Card free of cost.