State Bank of India (SBI) said on Monday it has lowered minimum balance requirement in savings account to Rs3,000 from the current Rs5,000.
SBI said pensioners and minors are exempted from minimum average balance requirement.
In April this year, the country’s largest lender reintroduced charges on non-maintenance of monthly average balance (MAB) after a gap of five years.
Previously SBI said, Making maintenance of Rs. 5,000 mandatory for accounts in metropolitan areas, Rs. 3,000 in urban areas, Rs. 2,000 in semi-urban areas and Rs. 1,000 in rural areas, the SBI listed out the charges to be effective from April 1.