Monthly average balance (MAB) of an SBI savings bank account is the average of daily balances in the account in a month.

    State Bank of India charges a penalty up to Rs. 100 (excluding service tax) on its savings bank account holders for not maintaining the Minimum Required Balance under its monthly average balance or MAB rules. The fine for not meeting the minimum average balance in savings bank accounts each month is levied on the basis of branch location. This was said by India's largest bank SBI on microblogging site Twitter. That means customers holding savings bank accounts in metro, urban, semi-urban and rural branches of SBI need to pay different penalty amounts for non-compliance. The amount also varies on the percentage of shortfall each month, according to SBI's website. SBI has specified various ranges...

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