Do you hold a savings bank account with India's largest bank? State Bank of India or SBI now charges its savings bank account customers for not maintaining certain amounts it has set based on their branch locations. For instance, SBI, which last month revised the minimum balance requirements for maintaining savings accounts, requires its savings bank account customers in metros to maintain a monthly average balance or MAB of Rs 5,000. The charges are levied on the basis of location of branch where the customer holds his or her account - rural, urban, semi-urban or metro branch. This was said by SBI on microblogging site Twitter.
A regular review of your account will help you to ensure the average monthly balance is maintained and avoid the minimal charges. pic.twitter.com/bZSwWRW134
Here are some other details about SBI's minimum balance rules for its savings bank accounts:
What is monthly average balance or minimum balance?
Monthly average balance or MAB of an SBI savings bank account is the average of daily balances in the account in a month.
What is the minimum balance required in my SBI savings account?
What kind of charges apply?linkEssential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
