SBI Monthly Average Balance (MAB) in Savings Bank Accounts to be revised w.e.f. 01/10/2017

SBI Monthly Average Balance (MAB) in Savings Bank Accounts to be revised w.e.f. 01/10/2017

The Monthly Average Balance (MAB) in Savings Bank Accounts to be revised w.e.f. 01/10/2017. 

The country’s largest lender State Bank of India has brought down service charges on not maintaining monthly average (MAB) balance by a whopping 20-50%. 

The bank has also decided to treat the metro and urban centres in the same category and the requirement of MAB in metro centres stands reduced to Rs 3000 from Rs 5000 earlier. The above revision is likely to benefit another 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. The revised MAB requirement and charges will become applicable from the month of October 2017. 

“We would like to state that financial inclusion including JAN DHAN Accounts have never been subject to any charges," SBI said in a statement. "It has now been decided to exempt the pensioners, beneficiaries of social benefits from the Government and accounts of Minors.” 

Accounts which are exempt from MAB are financial inclusion Accounts, Basic Savings Bank Deposit Account, Small Accounts, Phela Kadam and Pheli Udaan accounts. Minors up to the age group of 18 (Primary Account Holder) and pensioners, all categories, including recipients of social welfare benefits are also exempt.