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.
The public sector lender also decided to exempt pensioners, beneficiaries of social benefits from government and minors from the requirement of minimum balance in savings account.
Important Takeaways from Above News-
- Arundhati Bhattacharya is currently the Chairman of the State Bank of India.
- Headquarter of SBI is in Mumbai.
Source- Livemint
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