The Economic Times
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| 09 August, 2020, 04:55 AM IST | E-Paper
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SBI revises service charges on maintaining monthly average balance

Synopsis

State Bank of India also reduced the monthly average balance ceiling for metro centres to Rs 3000 from the earlier Rs 5000.

ET Bureau
MUMBAI: 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. The above revision is likely to benefit another 5 crore account holders.

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.

“We would like to state that financial inclusion including JAN DHAN Accounts have never been subject to any charges," SBI said in a statement. "It has now been decided to exempt the pensioners, beneficiaries of social benefits from the Government and accounts of Minors.”

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 are also exempt.
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20 Comments on this Story

Ramaswami Narayan1022 days ago
Still 3000 is high
Ramaswami Narayan1043 days ago
Good move move to collect NPA or send to asset recovery
Krishna 1046 days ago
They are unable to collect the loans and accumulated huge NPA''s ... Punishing the poor man in some corner of the earth who doesent even have the voice to say the bank has deducted my money. Shame on the Banking System. The Regulator in the name of RBI must regulate the system. Arundathi is awarded for her great accomplishment. Merging all weak banks and creating mega weak bank, looting from the poor man, letting the industrialist escape and offer discounts to the defaulter.