The State Bank of India revised the minimum account balance for its savings accounts, as well as the penalties for non-maintenance of minimum balance, on 25 September 2017. The major change has been made with respect to savings accounts in metro cities, where SBI account holders will now have to maintain a monthly average balance (MAB) of Rs 3,000, instead of Rs 5,000.
The average balance for SBI savings account holders in metro cities has come down to what those in urban areas are supposed to maintain. The biggest lender in the country has also revised the penalties that account holders are supposed to pay for failing to maintain the stipulated balance in their savings accounts.
This change in minimum balance under MAB rules came within days of SBI mentioning that it was analysing the customer feedback it received over charges for non-maintenance of minimum account balance. India’s biggest bank had brought back penalties over non-maintenance of MAB in April this earlier this year.