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SBI removes charges on non-maintenance of average monthly balance for savings account

SBI removes charges on non-maintenance of average monthly balance for savings account

India Blooms News Service | @indiablooms | 11 Mar 2020, 02:11 pm

Mumbai/IBNS: India's largest bank State Bank of India on Wednesday said it will do away with charges for non-maintenance of average monthly balance and SMS charges it levies on quarterly basis.

SBI has 44.51 crore savings bank with average monthly balance of Rs 3,000, Rs 2,000 and Rs 1,000 respectively in metro, semi urban and rural areas.

The public sector bank also rationalised interest rates on the savings bank account to 3 per cent which is 3.25% for deposits up to Rs 1 lakh, and 3 per cent for deposits above Rs 1 lakh.

SBI chairman Rajnish Kumar said in a statement,“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." 

As on December 31, 2019, SBI has a deposit base of over Rs 31 lakh crore and has 21,959 branches in India.

It is the largest bank in India in terms of assets, deposits, branches, customers and employees.