SBI reduce minimum balance limit to Rs. 3000. The State Bank of India (SBI), country’s largest bank, has reduced minimum monthly average balance (MAB) on savings accounts. Under this, the bank has reduced the limit from 5000 to 3,000 in the metro centers. Now Metro and Urban Centers will be considered in one category. Minimum balance charge has also been cut by 20 to 50 percent.The government bank has also removed charges for non-maintenance of Monthly Average Balance (MAB) for pensioners, beneficiaries of social benefits from the government and accounts of minors. SBI has said that it would benefit about 5 crore account holders. The new rules will come into effect from October. SBI has reduced the limit of minimum account balances for the urban customs mercury.For non-maintenance of MAB, the charges have also been revised downward ranging from 20 percent to 50 percent across all population groups and categories, the bank said in a statement. “The charges at semi-urban and rural centers range from Rs 20 to 40 (from Rs 25-75 currently) and at urban and metro centers from Rs 30 to 50 (from Rs 50-100 currently). The bank has said that they had 40 crore savings account holders.Of these, 13 million Basic Savings Bank Deposit Accounts were available. There is no monthly average balance charge on this account. Any customer can convert their savings account into a Basic Savings Bank Deposit Account for free. In such a situation, they will not have to give a penalty even if they have zero balance in the account.
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