SBI eases Minimum Balance rules on Savings Accounts
September 26th, 2017
State Bank of India lowered the Minimum Average Monthly Balance (MAB) requirement in a savings account to Rs 3,000 from Rs 5,000 and also revised downwards penalties for not maintaining such a balance. From July 1, tax on banking has been revised to 18 percent under Goods and Services Tax (GST), the new indirect tax regime. The Reserve Bank of India (RBI) allowed banks to levy charges on non-maintenance of minimum balance in normal savings accounts.