Minimum monthly average balance for savings account reduced by SBI

New Delhi, 26 September(Wishav Warta): The State Bank of India (SBI) on Tuesday reduced the minimum monthly average balance in any savings account to Rs 3000 from existing requirement of Rs 5000. As per the bank’s statement, the revised measure will come into force from the month of October. The pensioners and minor were, however, exempted from adhering to minimum balance requirement. The bank also revised penalties for non-adherence of the requirement.