PTI
New Delhi
The monthly average balance (MAB) requirement has been increased to as high as Rs 5,000 for branches in six metros.
Savings bank account holders of SBI and its five associates (merging with it on April 1) will have to maintain the monthly balance or else they will invite a penalty ranging from Rs 20 (rural branches) to Rs 100 in (metro cities). SBI has 31 crore savings bank accounts.
As of now, monthly average balance (MAB) for a savings bank account is Rs 500 without facility of cheque book and Rs 1,000 with cheque book across the country.
India’s largest bank has now decided to fix separate MABs for ‘metro’, ‘urban’, ‘semi-urban’ and ‘rural’ areas from the beginning of next financial year.
