In a major relief to small depositors, the state-owned State Bank of India (SBI) waived off charges for non-maintenance of average monthly balance (AMB). The waiver will cover India’s largest lenders’ all 44.51 crore savings bank accounts.

So far, SBI mandated its savings account customers to maintain an average monthly balance of Rs. 3000, Rs. 2000 and Rs. 1000 in the metro, semi-urban and rural areas respectively. The Bank charged a penalty of Rs. 5 to Rs. 15 plus taxes on non-maintenance of average monthly balance from its customers.