India’s largest bank SBI i.e. State Bank of India has announced big good news for all its savings account holders. On 11th March 2020, SBI announced that now there is no requirement to maintain an average monthly minimum balance in savings account.
This implies that all savings account holders of SBI will get the facility of zero balance account. The bank has also abolished the SMS charge which was charged every quarter. Apart from this, the bank has rationalised the interest rate on all savings accounts equally to three percent per annum.
By removing the requirement of minimum balance, customers can now keep balance in the savings account as per their convenience and they will not be charged for not fulfilling this requirement as earlier. According to the statement issued by SBI, this step will benefit 44.51 crore savings account holders of the bank.
State Bank of India’s chairman Rajnish Kumar said, “This decision will bring a smile on the face of many people”. The bank says that it has taken this step, as a part of its policy to give top priority to customers’ interest.
So far, savings account holders in SBI had to keep average monthly minimum balance in the account ranging from Rs 1000 to Rs 3000 depending on the category. For metro city, the minimum balance to be maintained was Rs 3000, for semi-urban locations, it was Rs 2000 and for rural areas the requirement was to maintain average monthly minimum balance of Rs 1000.Those account holders, who could not maintain the stipulated average monthly minimum amount, had to pay a fine ranging from Rs. 5 to Rs. 15 plus taxes.
We hope you found this article informative.
Thank You
Team HopyTapy