SBI new Minimum Average Balance (MAB) in Savings Accounts w.e.f 01/10/2017
SBI is going to change its Minimum Average Balance (MAB) for all its savings accounts w.e.f 1st October 2017.
The SBI has revised its Monthly Average Balance in the metro area and brought down in the same category under urban area category which is going to be Rs 3,000/- from Rs 5,000/-.
Bank has also decided to go for exclusion from Minimum Average Bank requirement w.e.f 01/10/2017 for following accounts like Pensioners, Bank Saving Bank Deposit (BSBD) accounts, and much more.
Bank has also Revised Savings Bank Accounts closure charges with Effect from 01.10.2017.
1.Up to 14 Days of opening Existing charges will be NIL and Revised Charges will be NIL.
2. After 14 days up to 1 year of the opening of an account, Existing charges will be RS 500/- +GST and Revised Charges will be Rs 500/-+GST.
Bank has also clarified that a customer has an option of converting the regular saving bank account to basic savings bank deposit account for free of charges.
In basic savings bank deposit(BSBD) account will not have any Minimum Average Balance (MAB) maintenance.