SBI revises minimum balance requirement for savings account to Rs 3,000

State Bank of India (SBI) said on Monday it has lowered minimum balance requirement in savings account to Rs 3,000 from the current Rs 5,000.

SBI said pensioners and minors are exempted from minimum average balance requirement.

In April this year, the country's largest lender reintroduced charges on non-maintenance of monthly average balance (MAB) after a gap of five years.

Previously, the bank had said, "As per the list of revised charges of SBI, failure to maintain monthly average balance in accounts will attract penalty of up to Rs100 plus goods and services tax (GST)."