No Minimum Balance Required For SBI Savings Account, Read On

HYDERABAD: State Bank of India (SBI) has announced good news for all 44.51 crore account holders, by waiving of minimum balance requirement on savings account and other accounts will continue to have a minimum balance requirement. The bank has also rationalized interest rate for the Savings Bank (SB) accounts to just flat 3 percent per anum.

According to the reports, SBI bank has also waived SMS charges to bring relief to all it's customers.

Before that, SBI's interest rate on savings accounts is 3.25 per anum, for which SBI customers need to maintain Average Monthly balance of Rs 3,000 in Metro, Rs 2,000 in semi-urban and Rs 1,000 rural area branches of the bank. If the customer fails to keep that AMB SBI used to charge a penalty of Rs 5 to Rs 15 as tax.

Also Read: Travel And Visa Restrictions By Indian Government: Corona Restrictions