SBI has announced that it has waived the requirement for maintaining the minimum balance in their savings accounts.
SBI which has 44 crore savings accounts in the country where most of them are metropolitan customers who were required to maintain a minimum balance of Rs. 3000 and other customers were required to maintain a minimum balance of Rs. 2000.
Those who did not maintain the minimum balance were charged a fine ranging from Rs 5 to Rs 15.
In this case, the new notification says that it does not require the users to maintain any maximum balance and minimum balance.
The bank also cut interest rate paid on SB account to 3% for all accounts irrespective of balance. This move will benefit 44.51 crore savings accountholders.
It is also said that the bank has reduced it's SMS charges which will also be a big relief to the customers.
The bank said, "The charges on maintaining AMB are now waived off on all 44.51 crore SBI savings bank accounts. Bank has also rationalised interest rate on SB Account to a flat 3% p.a. for all buckets."