SBI has prescribed the monthly average balance (MAB) requirement of Rs 5,000 for branches in six metros, Rs 3,000 for urban, Rs 2,000 for semi-urban and Rs 1,000 for rural branches in savings bank (SB) accounts (excluding Jan-Dhan Yojana, Surabhi accounts) from April 1.
Not maintaining MAB will invite penalty ranging from Rs 20 (rural branches) to Rs 100 in (metro cities). These changes and penalty will apply to SB account holders of recently merged associate banks of SBI. Other public sector banks are likely to follow suit.
SBI Chairperson Arundhati Bhattacharya said the hike in MAB was necessitated to offset the
