Revision of SBI Charges on not Maintaining Minimum Average Balance (MAB)

SBI, India’s largest money lender is bringing down service charges on maintaining monthly average balance (MAB) by a huge difference of 20% to 50%. So, Read below to find out the Revision of SBI Charges on not Maintaining Minimum Average Balance (MAB). These new charges on Maintaining Minimum Average Balance (MAB) will be applicable from October 01, 2017.

Revision of SBI Charges on not Maintaining Minimum Average Balance (MAB):

Now, if you do not maintain minimum average balance (MAB) in your SBI account, you will have to pay:

  • Rs.20.00 to Rs.40.00 as penalty, if you hold your SBI account in Semi-Urban or Rural Branch.
  • And, Rs.30.00 to Rs.50.00 as penalty, if you hold SBI your account in Urban or Metro Branch.

New MAB Requirement:

A good thing is, now Metro City Branches will be in the same category as Urban Branches for MAB Requirement. The minimum average balance (MAB) requirement in Metro branches has brought down to Rs.3000.00 from Rs.5000.00. Following are the New MAB Requirement, effective from October 01, 2017:

  • Urban & Metro Branches Accounts – Rs.3000.00
  • Semi-Urban Branches Accounts – Rs.2000.00
  • Rural Branch Accounts – Rs.1000.00

Accounts which are Exempt from Maintaining Minimum Average Balance (MAB):

The accounts which are not under pressure to Maintain Minimum Average Balance (MAB) are:

  • Financial Inclusion Accounts including Jan Dhan Accounts
  • Basic Accounts
  • Small Accounts
  • Pehla Kadam Accounts
  • Pehli Udan Accounts
  • Minor Accounts
  • Pensioners’ Accounts
  • Accounts of Beneficiaries of Social Benefits from the Government

Revision of SBI Charges on not Maintaining Minimum Average Balance

Definitely, these Revision of SBI Charges on not Maintaining Minimum Average Balance (MAB) will give a huge relief to SBI Account Holders; mainly, the pensioners and the accounts which are exempt. Also, this revision of SBI Charges on not Maintaining Minimum Average Balance (MAB) will benefit about 5 crore SBI account holders.

Note:

Both, new MAB Requirement and New Charges on not Maintaining MAB will be applicable from October 01, 2017.

Leave a Reply

Your email address will not be published. Required fields are marked *