No Minimum Balance for Savings Account

Hyderabad April 15: State Bank of India (SBI) has launched an incredible offer for savings account holders. From now onwards the SBI allows the users without basic savings there will not be any minimum monthly balance is required.

SBI had earlier decided to increase the minimum balance required for maintaining savings accounts from April 1, hitting 31 crore depositors including pensioners and students.

The offer will be applicable to the Small saving accounts, Jan Dhan accounts, Basic Savings Bank Accounts and salaries account also.

State Bank of India has recently merged up with its associated 5 banks recently; State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Bikaner and Jaipur (SBBJ), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) – and Bharatiya Mahila Bank with itself.



The monthly average balance (MAB) requirement was increased to as high as Rs. 5,000 for branches in six metros. In case of non-compliance, savings bank account holders will invite a penalty ranging from Rs. 20 (in rural branches) to Rs. 100 (in metro cities), as per the bank's website