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The State Bank of India (SBI) on Wednesday waived the minimum balance requirement in the saving bank account and also reduced the saving bank interest rate to 3 per cent in following the trend of lower interest rate.
Currently SBI savings bank customers need to maintain average monthly balance of ₹3000, ₹2000 and ₹1000 in metro, semi urban and rural areas respectively. Bank used to levy a penalty of ₹5 to ₹15 plus taxes on non maintenance of average monthly balance. It added that the charges on maintaining AMB are now waived off on all 44.51 crore SBI savings bank accounts.
“This announcement will bring in more smiles and delight to our valuable customers. We believe this initiative would empower our customers towards banking with SBI and boost their confidence in SBI” said Chairman of SBI Mr Rajnish Kumar