SBI to reduce minimum balance to Rs 1000

Mumbai Dec 5: In a move to grant relief for customers SBI may review the minimum balance requirement for its account holders.Currently, RS 3000 is a mandatory balance that should be maintained in urban centers.Recently the bank has clarified that we have waived off the MAB charges for past 5-6 years.

Sources said that the bank may soon take a call to reduce the minimum account balance to Rs 1000 and the monthly balance may also be changed to quarterly balance. The bank had also said that it has earned nearly Rs 1700 crores in fees by imposing penalties for nonmaintenance of minimum balance between April and November 2017.

Earlier the bank had reduced the MAB from Rs 5000 to Rs 3000 in metros and Rs 2,000 in semi-urban and Rs 1,000 in rural centers.The bank also did away with the minimum balance requirement for minors and pensioners and reduced penal charges. The penalties which ranged from Rs 25 to Rs 100 were lowered to Rs 20-50 range (excluding GST).