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.