SBI Removes Minimum Balance Requirement
The State Bank of India (SBI) on Wednesday, 11th March, announced that its customers need not maintain a minimum balance in savings accounts.
The State Bank of India (SBI) on Wednesday, 11th March, announced that its customers need not maintain a minimum balance in savings accounts. Till now, the customers had to maintain an average monthly balance of Rs 3,000, Rs 2,000 and Rs 1,000 in metro, semi-urban and rural areas.The bank also used to levy a penalty of Rs 5 to Rs 15 plus taxes if the customers failed to maintain the minimum balance. SBI is the country's largest bank. They have also said that all account holders will get 3% interest per year.
Earlier, the interest rate on SBI saving accounts stood at 3.25% for deposits up to ?1 lakh, and 3% for deposits above ?1 lakh.Now even the SMS alerts will be free.These rates will start from 10th March. There are 44.51 crore SBI savings bank accounts and everyone will benefit from this.
