MUMBAI: Country’s largest lender State Bank of India today lowered the minimum average monthly balance (MAB) requirement in a savings account to Rs 3,000 from Rs 5,000 and also revised downwards penalties for non-adherence.
The revised MAB requirement and charges will become applicable from October, the bank said in a statement.
The public sector lender also decided to exempt pensioners, beneficiaries of social benefits from Government and minors from the requirement of minimum balance in savings account. (AGENCIES)
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