MUMBAI: Public Sector lender State Bank of India (SBI) has slashed charges on non-maintenance of MAB by 20-50 percent across customer categories.
”The pensioners and beneficiaries of social benefits from the Government and accounts of minors (upto 18 years) will be exempted from minimum balance requirement. The financial inclusion including Jan Dhan accounts have never been subject to any charges,” SBI statement said For customers in metro regions, it also reduced minimum amount to be maintained in SB account to Rs 3,000 from previous requirement of Rs 5,000.
The revised MAB requirement and charges will become applicable from October 2017, SBI said in a statement today.
The revised 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 bank has a very strong deposit franchise having 42 crore savings bank accounts out of which 13 crore accounts under PMJDY/BSBD were already exempted. The above revision is likely to benefit another 50 million account holders. (AGENCIES)
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