Country’s largest public sector lender State Bank of India (SBI) on Monday said Average Monthly Balance (AMB) requirement from April this year has been reduced upto 40 per cent.
Denying reports regarding charges for non-maintenance of Average Monthly Balance, the SBI said it has steeply reduced charges for non-maintenance of AMB upto 70 per cent in Metro, urban and semi-urban categories. Charges in rural market were also reduced upto 75 per cent.
The bank said its charges for non-maintenance of AMB are one of the lowest in the industry.
The SBI also clarified that Savings bank accounts such as PMJDY, BSBD (Basic Savings Bank Deposit) and of pensioner, minors and social security benefit holders’ accounts are exempted from AMB requirement and no charges are recovered from these accounts.
The bank has around 42.5 crore Savings Bank accounts, of which almost 40 per cent accounts are under the exempted category. Customers also have the option to convert their existing savings accounts to BSBD account, free of cost.