SBI, the leading and largest lender State Bank of India has recently made some new changes in their rule book. Along with several other changes in categories exempted and Penalty cuts, SBI has redefined the MAB [account monthly balance] for a savings account. Due to resentments among customers in regards to levying the fees on failing to maintain the monthly average balance in saving bank accounts, SBI re-introduced the MAB after the gap of 5 long years along with the charges for non-maintenance of balance. SBI, India Slashes Down Charges on Non-Maintenance of MAB by 20-50%.
List of Changes Marked By SBI 2017 includes –
Cut in MAB [Monthly Average balance] in SBI Saving account –
With respect to the continuous resentment of customers, finally, SBI has decided to treat the metro-urban centres in the same category for the amount of monthly average balance required in the savings account. With this, the number decided by SBI, India for MAB is reduced from Rs. 5,000 to Rs. 3,000 for metro centres and Rs. 2,000 for semi-urban and Rs.1,000 for rural branches of SBI.
Cut in the Penalties of Non- Adherence –
Along with the cut in the MAB, SBI has also revised the penalties for all categories in case of non-adherence. Now, the charges at semi-urban and urban-rural centres range from Rs. 20 to Rs. 40 whereas at metro branches the penalty charges are decreased to the range of Rs.30 to Rs. 50 from Rs. 100 +GST (if the balance was lower than 75% of 5000).
Categories to be Exempted From MAB Requirements –
SBI also revised the list of categories that are to be exempted from the MAB requirements. The categories added in the list include pensioners, beneficiaries of social benefit from the government as well as minors. Also, SBI reiterated the basic saving bank deposit and PMs Jan-Dhan accounts are not required to maintain the MAB.
With the renewal of these rules by SBI, Bank stated that over 5 Crore account holders will be benefited with these new rules. As per the sources and recent calculations, SBI has the total of 42 Crore Saving accounts out of which 13 Crore of these accounts lie under PMJDY/ BSBD. So, it is a great news for all those who were presenting the idea of higher MAB and penalty.
Source – Economic Times
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