SBI removes Minimum Balance requirement

Ad Blocker Detected

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker.

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.

Currently, the interest rate on SBI saving bank is 3.25% for deposits up to 1 lakh, and 3% for deposits above 1 lakh. Now all the saving bank accounts will have a uniform rate of 3%.
The bank has also waived off SMS charges levied on quarterly basis.
This step has been also lauded by all in social media also. Even many politicians too to social media to congratulate this step taken by the bank.
“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

Leave a Reply