ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Most traditional banks require you to maintain a minimum account balance to avoid monthly service charges. These typically range from $100 to $2, 500, though most are much closer to the lower end.

Detailed explanation-2: -Interestingly, the SBI has waived the AMB requirement on its basic saving accounts in March 2020. Earlier, the SBI account holders were required to maintain a monthly average balance of Rs 3000, Rs 2000, and Rs 1000 in their accounts, depending on the location of their branch in metro, semi-urban and rural areas.