SBI is the largest commercial bank in terms of assets, deposits, customers, and employees. It is also the largest mortgage lender in the country. As of December 31, 2019, the bank has a deposit base of above Rs. 31 Lakh Cr with 21,959 branches in India.
India’s largest bank SBI today announced that it will waive charges for non-maintenance of average monthly balance (AMB) for all 44.51 Cr savings bank accounts. Currently, SBI savings bank customers need to maintain an average monthly balance of rs. 3000, rs. 2000, and rs. 1000 in the metro, semi-urban and rural areas respectively. Bank used to levy a penalty of rs.5 to rs. 15 plus taxes on non-maintenance of average monthly balance.
SBI has also waived of SMS charges. India’s biggest bank has also rationalized interest rates on the savings bank account to a flat 3% per annum for all buckets. Currently, The interest rate on the SBI savings account is 3.25% for deposits up to Rs. 1 lakh, and 3% for deposits above Rs. 1 lakh.
“This announcement will bring in more smiles and delight to our valuable customers. We believe this initiative would empower our customers towards banking with SBI and boost their confidence in SBI in SBI “
Chairman RajnIsh Kumar , SBI