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SBI starts charging for non-maintenance of minimum balance in savings account
The one who fails to maintain Monthly Average Balance (MAB) in accounts will attract penalty of up to Rs 100 plus service tax. In metro cities, there will be a charge of Rs 100 plus service tax, if the balance falls below 75 per cent of the MAB of Rs 5,000. If the shortfall is 50 per cent or less of the MAB, then the bank will charge Rs 50 plus service tax. For rural areas, the penalty ranges from Rs 20-50 plus service tax, the bank notification said.
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