By Admin 
Indian overseas bank mab penalty: The Overseas Bank of India has waived the penalty on the minimum average balance (MAB) for its customers. In a press release released on Wednesday, Overseas Bank said that from now on, no penalty will be taken for not keeping the minimum average balance in the savings accounts of the bank. However, the charge of the minimum balance was already waived in some special schemes in the bank. From now on, this relief has been applied to all other schemes. The direct purpose of which is to give relief to the bank account holders.
What is the purpose of the bank?
The bank’s managing director and CEO Ajay Kumar Srivastava has expressed happiness over this, saying that the bank wants to give relief to its account holders. He believes that this will include the thinking and finance that keeps customers in mind. Which will benefit customers. Also, banking will be easy for every person. Customers will be able to take advantage of bank facilities. Giving further information, the bank said that till 30 September 2025, the rules like before will continue. That is, by this time the bank will charge the same charge as before. From 30 September, customers will get benefit under this new rule.
Small account holders will benefit greatly by removing penalty on minimum average balance. Also, pensioners will also get the benefit. It is often seen that small account holders pay fine to the bank on the minimum average balance. Due to lack of information and less money in the account, they have to pay a fine. This step will benefit such customers who make small savings. The CEO of the bank said that their goal is to provide easy banking facility to every customer. This is a good start towards improvement in the banking sector.
What is the minimum average balance?
The minimum average balance (MAB) is the minimum bank balance amount, which you have to keep in your savings account in a month. For not doing so, the bank impose a fine on you. The minimum average balance may vary depending on the account of the account and the bank location. The amount of MAB in different banks is also different.
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