Mumbai: State Bank of India (SBI) said it is reviewing charges for certain categories of accounts for non- maintenance of monthly average balance (MAB) after receiving feedback from customers. 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. Kumar said the bank has over 40 crore savings bank accounts, which includes 13 crore of Basic Savings Bank Deposit (BSBD) and Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts. Out of the 27 crore normal savings bank accounts, nearly 15-20 per cent are those where customers are not maintaining monthly average balance. He said a normal savings account holder has an option to convert his account into BSBD account which will exempt him from maintaining monthly average balance.

Source: Mint September 17, 2017 07:07 UTC