SBI Waives Average Monthly Balance Requirement For All Savings Accounts
SBI used to levy a penalty of Rs 5-15 on non-maintenance of AMB AMB charges are now waived off on all 44.51 crore SBI savings accounts Bank rationalized interest rate of 3% per annum for all savings accounts
SBI minimum balance 2020: State Bank of India (SBI), the country's largest lender by assets, on Wednesday announced waiving maintenance of average monthly balance (AMB) requirement for all savings bank account holders. "The charges on maintaining AMB are now waived off on all 44.51 crore SBI savings bank accounts. Currently, SBI Savings Bank customers' needs to maintain AMB of Rs 3,000, Rs 2,000 and Rs 1,000 in metro, semi urban and rural areas respectively," SBI said in a press release. (Also Read: SBI Cuts Home, Car Loan, Fixed Deposit Rates)
State Bank of India used to levy a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of AMB.
The bank also said that all savings bank accounts irrespective of balance will earn interest rate of 3 per cent per annum.
The State Bank of India also waived SMS charges.
Rajnish Kumar, chairman, State Bank of India while announcing the waiver 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. We believe this initiative would empower our customers towards banking with SBI and boost their confidence in SBI."