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Last Updated : Mar 11, 2020 06:31 PM IST | Source: Moneycontrol.com

SBI waives minimum monthly balance requirement on savings accounts

At present, savings account holders with SBI are required to maintain an AMB of Rs 3,000, Rs 2,000 and Rs 1,000 in Metro, Semi- Urban and Rural areas respectively.

 
 
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The State Bank of India (SBI) on March 11 said it has waived off the maintenance of Average Monthly Balance (AMB) for all Savings Bank Accounts.

The bank said in a release that the charges on maintaining AMB will now be waived off on all 44.51 crore savings bank accounts.

Also Read: SBI cuts interest rate on savings accounts to 3%

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At present, savings account holders with SBI are required to maintain an AMB of Rs 3,000, Rs 2,000 and Rs 1,000 in Metro, Semi-Urban and Rural areas, respectively. SBI used to levy a penalty ranging from Rs 5 to Rs 15 along with taxes, for the non-maintenance of AMB.

Announcing the waiver, SBI Chairman Rajnish Kumar said, "This announcement will bring in more smiles and delight to our valuable customers. Waiving AMB is SBI’s yet another initiative to provide customers with more convenience and elated banking experience. We believe this initiative would empower our customers towards banking with SBI and boost their confidence in SBI."

The bank also waived the SMS charges levied on a quarterly basis. Henceforth, all SBI customers will now enjoy the Zero Balance facility in their accounts.

"Keeping in mind ‘Customers First’ approach, the bank has also waived of SMS charges. This move by the bank will bring significant relief to all the customer of the bank. Bank has also rationalised interest rate on SB Account to a flat 3 % p.a. for all buckets," the release noted.

Also Read | Have you applied for SBI Card IPO? You can check the allotment status here

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First Published on Mar 11, 2020 05:30 pm
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