The country’s largest lender, State Bank of India SBI ) has slashed charges for non-maintenance of Average Monthly Balance (AMB) in savings accounts by nearly 75 per cent.The revised charges will be effective from April 01, 2018 and will benefit over 25 crore customers. Earlier, metro and urban customers were charged Rs 40 to Rs 100 rupees for not maintaining average balance. In addition, students upto the age of 21 years are also exempted.For metro cities, initially the minimum balance to be maintained was Rs 5,000, but later in September 2017 the bank brought it down to Rs 3,000. Currently, in urban areas it's Rs 3,000, while for semi-urban and rural areas, it is Rs 2,000 and Rs 1,000, respectively. The bank had exempted pensioners, beneficiaries of social benefits from the government and accounts of minors from levy of these charges.
Source: Economic Times March 13, 2018 05:22 UTC