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  • Category: Miscellaneous

    State Bank of India MAB debit amount

    Without prior notification, State Bank of India has recently introduced a New "Make money from Poor Man's Bank Account Balance (MAB) in this financial year. Take a look at the attachment below.

    After 74th years of independence, till now poor people have to fight for freedom in their own country. Even today, banks can't assure us the safety of our money. Do you think SBI is only for wealth-to-do senior citizens?
    The below screenshot is an SMS alert that contains the information of the amount debited from my bank account which I received day before yesterday. It was my hard earned money through online and 1200 Rupees which I received from ISC along with $20 from Humanatic.

    We all know that it takes a lot of hard work and time to earn through online. On the top of the, PayPal transfer charges and etc. What you received in your bank will be $8 after you redeem $20 (transfer charges + GST+ MAB). Where is our Government? Are they sleeping? Why should I pay tax to Government when I can hardly make a living. Keeping in mind that my monthly income is less than 5K.

    There was a time when I used to get very excited to deposit cash in my bank account. I can't now because of the fear that SBI will debit monies from my balance whenever I fail to maintain an average Balance. I ain't a rich guy and all I wanted to do is to close my Bank account and go for alternative banks that doesn't debit balance for MAB. Can you suggest one?

    My question for this discussion is tabulated below:

    1. Why SBI introduced MAB? When and why?
    2. Is it a fair rule of SBI to debit amounts from accounts holder who fail to maintain MAB of the month.
    3. Is only SBI introduced MAB? What for other banks?

    Please throw a light on this topic.
  • #611069
    Relax a little and understand that sometimes it is our fault that can lead to such issues.
    SBI offers a zero balance account that doesn't have a MAB requirement. Also, students and people who are getting pensions are exempted from MAB requirement. Now the question is, did you open a Zero balance account? If not, then you are responsible to maintain MAB.
    There will be no good done running after banks offering zero balance accounts because bank rules change now and then and in future, the new bank account you may open also might start levying penalty on not maintaining MAB. SBI is a good bank in terms of services although with the exception of staff attitude. But since we rarely have to deal with the staff I would recommend that if your account is not a zero balance one, get one such account or see if it possible to downgrade your account to that level.

    Otherwise, there are a few more banks which offer Zero balance account except SBI. I recently did a research on them and you can open such accounts using a mobile app with just your PAN and Aadhar card details. A bank representative will come to your home for Aadhar biometrics verification once and that's it. My personal favorite is DBS bank which also provides unlimited ATM transactions, NEFT, IMPS and UPI for free. Here is a link to my article:

    Editors - Request to you, I am not making a clickable link so I hope you will allow it. Otherwise please just delete the link and let the rest of the response stay.

  • #611078
    Ankit, thanks for the input.

    Do they offer ATM debit cards or is it simply for transacting online?

    I would like to downgrade my account from saving to zero balance account since I can't afford to lose my monies for not being able to maintain the MAB.

    Hackers never learns but always wins!

    Delete Attachment

  • #611085
    They give a physical debit card which can be used both at ATMs and online.
    MAB accounts just don't offer the facility of checkbooks, that's all.

  • #611088
    MAB its called Monthly Average Balance start from most of the bank but its take our attention when SBI start on 01-04-2017 that is Rs. 3000/- to 5000/-MAB. Penalty on based on rural and urban areas like in rural its charge Rs. 20 to 40 Rs and at Urban and metro cities from Rs. 30 to 50 Rs. The revised MAB requirements and the charge will become applicable from the month of October 2017.

    It does not only introduce SBI but most of the bank will charge from us on the different policies.

  • #611110
    Recently the rule has been modified. For Zero balance accounts, there is no Monthly average minimum balance. Even for other accounts also there is a revision. All other banks also are having a similar system. There are some other accounts which are exempted from this provision. If your account is not Zero balance account you may have to maintain that minimum balance. Many people open accounts in multiple banks without maintaining any balance. This will create a lot of work to the banks. To discourage these practices it is good to have this rule I feel.
    always confident

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