SBI to charge for breaching monthly average balance in saving accounts

Penalty back after 4 years; max levy: Rs 100 plus service tax; bank to cut interest on certain FDs

Come April 1, and the State Bank of India will once again begin to charge customers for failing to maintain the monthly average balance (MAB) in their savings bank accounts. The bank done away with this rule in July 2012 to expand customer base.

The country's largest lender will levy charges to partly cover costs incurred for managing systems and operations for saving bank accounts. The charge is linked to the gap between the amount held in an account and the MAB required to be maintained in it.

According to an SBI communication to branches, the monthly average