State Bank of India (SBI) will reduce its penalties for non-maintenance of average monthly balance (AMB) on savings accounts by up to 75 per cent from April 1.
The charges for non-maintenance of AMB for customers in metro and urban centres will be reduced from a maximum of Rs. 50 per month plus goods and services tax (GST), to Rs. 15 per month plus GST from April 1, said country's largest lender.
For semi-urban and rural centres, the charges will be reduced from Rs40 per month plus GST to Rs. 12 per month and Rs. 10 per month plus GST respectively from April 1, said SBI.
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