State Bank of India (SBI) has netted a windfall of Rs 1,771.67 crore from customers for non-maintenance of Monthly Average Balance (MAB) in savings accounts in eight months of 2017-18. The country’s largest lender has close to 40.5 crore savings account customers.
SBI, after a gap of six years, had reintroduced the MAB charges from April 1, 2017. The Bank had reduced those charges with effect from October 1 after criticism by customers.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
