State Bank of India lowers MAB to Rs 3,000 from 5,000 rupees

Mumbai – State Bank of India lowers MAB, requirement in a savings account to 3,000 rupees from 5,000 rupees and also revised downwards penalties for non-adherence.Revised MAB requirement and charges will become applicable from next month.SBI has decided to treat the metro and urban centres in the same category and the requirement of MAB in metro centres stands reduced to 3,000 from 5000 rupees. It will remain Rs 1,000 for rural branches.