SBI reduces minimum balance for savings accounts

The State Bank of India has reduced the minimum balance that needs to be maintained in a savings accounts on monthly basis.

The minimum Monthly Average Balance has been reduced to ₹3,000 from the earlier ₹5,000. This is applicable for metro cities in the country.

Minimum balance requirement for urban, semi-urban, and rural centres stands will remain the same as earlier which is ₹3,000, ₹2,000 and ₹1,000, respectively.

SBI has also reduced the penalty charges for non-maintenance of the minimum Monthly Average Balance.

The bank has removed charges for pensioners and minors' accounts as they do not need to maintain a minimum balance from 1 October. The changes are expected to provide benefits to 5 crore SBI account holders.

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