SBI Removes Minimum Balance Charges For All Saving Accounts; This Means No Minimum Balance Required Now!

SBI seems to be in a good mood! In a recent development, the country’s biggest lender has now announced that there will be no charges if the monthly minimum balance is not maintained. This change is now applicable to all the bank accounts of SBI. 

The bank has also announced that no matter the balance, each saving account will earn a fixed interest as well.

It’s good news indeed! 

Find out what other changes SBI has now made to some other charges that it used to levy right here!

SBI Waives Maintenance Of Average Monthly Balance For All 44.51 Crore Customers

The State Bank of India has announced that the maintenance of average monthly balance (AMB) requirement will now be waived off for all the account holders, which are as much as 44.51 crores. 

As of now, the customers of SBI Savings Bank were required to maintain an AMB of Rs. 3,000, Rs 2,000 and Rs 1,000 in metro, semi urban and rural areas, which won’t be necessary anymore. Additionally, the SBI charged a penalty of Rs 5 to Rs 15 + taxes if this AMB wasn’t maintained. This was levied in April 2017 after 2012, which was again slashed in October.

The bank has announced that irrespective of the balance of the saving account, each account will earn an interest rate of 3 per cent per annum. In addition to that, the bank has also waived off SMS charges.

Will This Increase Business And Attract Customers To SBI?

Rajnish Kumar, chairman, State Bank of India 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 a more convenience and elated banking experience.”

He also expressed that the bank is hopeful that this will attract more customers and the confidence in SBI will be boosted. 

In the past five years, 3400 banks have tumbled due to mergers and closures, of which 75% of them belonged to SBI. This surely must have resulted in huge losses, and this might be the bank’s way to overcome. 

We also hope that other banks will follow SBI’s footsteps and slash the AMB requirement for their savings account customers too. We’ll keep you updated as more details come in!