What is the maximum balance in SBI bank account?
₹ 10 lakhWhile SBI hasn’t set any monthly average balance requirement for these savings accounts, both accounts have a maximum balance limit of ₹ 10 lakh, according to the bank’s website..
What is minimum monthly balance?
Monthly Average Balance (MAB), also known as the minimum average balance is nothing but the minimum amount you are required to maintain in your Savings Account every month. The figure is calculated at the end of each month and failure to maintain this minimum average balance will result in penalties.
What is MAB charges in SBI?
Penalty Charges That You Were Paying For Insufficient Balance Until NowMetro and urban branch (required MAB ₹ 3,000)ChargesRural (required MAB ₹ 1,000)Shortfall <= 50%Rs 5 + GSTShortfall > 50-75%Rs. 7.50 + GSTShortfall > 75%Rs 10 + GST7 more rows•Mar 12, 2020
How average monthly balance is calculated in SBI?
MAB is calculated by dividing the sum of the closing balance in your account of each day with the number of days in a particular month (as illustrated in the table below).
How do you calculate average monthly balance?
MAB is the average of all the closing-day balances in a given month. To calculate the MAB, you need to add each day’s end-of-the-day balance and divide it by the number of days in that month. Assuming, a bank asks that you maintain Rs 5,000 as average monthly balance: On July 1, the balance in the account is Rs 5,000.
What is MAB in SBI?
Monthly average balance or MAB of an SBI savings bank account is the average of daily balances in the account in a month. SBI accounts are divided on the basis of locations into four categories of branches.