SBI Reduces Minimum MAB And Non- Maintenance Charges On Savings Account

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Earlier the state-run bank has made it clear that non-maintenance charges that apply due to non-maintenance of minimum amount stipulated by the bank do not apply to basic savings and deposit account and PMJDY account.

Now the bank has slashed down the limit of monthly average balance as well as non-maintenance charges across categories on savings account by close to 20-50%. In respect of the minimum MAB that is now required to be maintained in metro or urban cities now stands Rs. 3000 while for semi-urban and rural branches is Rs. 2000 and Rs. 1000 respectively.

From October 1, the bank shall treat its branches in the metro and urban cities at par. In respect of the non-maintenance charges, now a fee for non-maintenance to the tune of Rs. 30-Rs. 50 shall be charged as against Rs. 50-Rs. 100 that is being charged currently. For semi-urban and rural centres, the bank would charge anyway between Rs. 20- Rs. 40 in comparison to Rs. 25 to Rs. 75 that is being levied as non-maintenance fee currently.

Such non-maintenance charges have been waived in case the savings account holder is a minor, pensioner or availing social benefits from the government. The revision in this regard is expect to benefit a large chunk of as many as 5 crore account holders.

So, in all MAB requirements do not apply to small accounts, BSBD accounts, phela kadam or pheli udaan accounts, financial inclusion accounts, minors holding the account, pensioners including all receiving social welfare benefits.

Story first published: Tuesday, September 26, 2017, 11:11 [IST]
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