SBI waives off average monthly balance charges for all savings account
The country’s largest bank SBI on Wednesday announced great news for its customers. The bank has removed the requirement of average monthly balance (AMB) on all types of savings bank accounts. The press release issued by the bank said that this step has been taken to provide hassle free banking service to the bank’s customers and to promote financial inclusion in the country. 44.51 crore customers will benefit from this decision of SBI. Currently, minimum balance maintenance of Rs 3,000, 2,000 and 1,000 is required in metro, semi urban and rural areas respectively. State Bank of India used to charge penalty from customers for not maintaining the monthly balance.
According to the chairman, customer confidence in the bank will increase
Announcing the announcement, SBI Chairman Rajnish Kumar said, “This announcement will add a smile to our valued customers.” Forgoing AMB is another important step of the bank that has been taken for a more convenient and better banking experience for the customers. We believe that this step will help our customers connect with SBI and the bank in a strong way and their confidence in SBI will be further strengthened. ”
Keeping in mind ‘Customers First’ approach, the bank has also waived of SMS charges. This move by the bank will bring significant relief to all the customer of the bank. Bank has also rationalised interest rate on SB Account to a flat 3 % p.a. for all such accounts.
