SBI cuts minimum balance requirement in savings account to Rs 3,000

Exempts pensioners, minors from minimum balance norm

Faced with outcry over levying fees for failing to maintain monthly average balance (MAB) in savings bank account, State Bank of India has slashed charges on non-maintenance of MAB by 20-50% across customer categories.  

"The pensioners and beneficiaries of social benefits from the government and accounts of minors (upto 18 years) will be exempted from minimum balance requirement. The financial inclusion including Jan Dhan accounts have never been subject to any charges," SBI said in statement.

For customers in metro regions, it also reduced minimum amount to be maintained in SB account to Rs 3,000 from previous requirement of Rs