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SBI Revises Monthly Average Balance Requirements. Details Here

SBI has decided to treat the metro and urban centres in the same category, the bank said in a release.

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SBI Revises Monthly Average Balance Requirements. Details Here

SBI's revised monthly balance requirement and charges will become applicable from October.


Highlights

  1. SBI has decided to treat the metro and urban centres in the same category
  2. This move from SBI likely to benefit around 5 crore account holders
  3. The revised charges will be applicable from October
State Bank of India (SBI) on Monday revised its service charges of maintaining monthly average balance (MAB) for the bank accounts. SBI has decided to treat the metro and urban centres in the same category, the bank said in a release. "The minimum balance requirement in metro centres stands reduced to Rs 3,000," it added. It also stated that "the charges have also been revised downward ranging from 20 per cent to 50 per cent across all population groups and categories." The decision, as per the bank, is likely to benefit around 5 crore account holders. 

The 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, SBI further said. The revised monthly balance requirement and charges will be applicable from October.

Apart from Jan Dhan or PMJDY accounts and Basic Savings Bank Deposits Accounts (BSBD), SBI has now decided to exempt the pensioners, beneficiaries of social benefits from the government and accounts of minors. Out of SBI's 42 crore Savings Bank accounts, 13 crore accounts under PMJDY/BSBD are already exempted from maintaining the monthly balance.

The following categories of savings bank accounts are excluded from the monthly balance requirement:

* Financial Inclusion Accounts 

* Basic Savings Bank Deposit Accounts 

* Small Accounts

* Pehla Kadam and Pehli Udaan accounts.

* Minors up to the age group of 18 (Primary Account Holder)    

* Pensioners, all categories, including recipients of social welfare benefits

With more than 2.73 lakh employees, the country's largest lender caters to a customer base of more than 42 crore customers.

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