SBI waves off average monthly balance on all savings bank accounts
Country's largest lender State Bank of India on Wednesday said that it has decided to waive maintenance of 'Average Monthly Balance' requirements for all savings bank accounts.
 
According to the lender, the initiative will further boost the efforts to promote 'Financial Inclusion' in the country. 
 
"The charges on maintaining AMB are now waived off on all 44.51 crore SBI savings bank accounts," the lender said in a statement. 
 
"Currently 'SBI Savings Bank customers' needs to maintain an AMB of Rs 3,000, Rs 2,000 and Rs 1,000 in metro, semi urban and rural areas, respectively. Bank used to levy a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of AMB," the lender said in a statement.
 
"Keeping in mind 'Customers First' approach, the bank has also waived of SMS charges," the statement said. 
 
This move, the bank said will bring significant relief to all the customers. 
 
"Bank has also rationalised interest rate on SB Account to a flat 3 per cent p.a. for all buckets."
 
SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees. 
 
It is also the largest mortgage lender in the country. 
 
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Comments
doctordhanbpathi
5 years ago
https://www.moneylife.in/article/sbi-waves-off-average-monthly-balance-on-all-savings-bank-accounts/59664.html
1. Is it a sop to write off NPAs worth INR. Trillions silently?
2. [i]. FRAUDS IN SBI/PSBs/PRIVATE BANKS: [i].Strengths: A well- managed entity with updated digital infrastructure + well-trained manpower.
[ii].Weaknesses: Enormous NPAs ab into worth INR. Trillion [Trillion = 1 lac crore] created during the tenure of one CMD are written off by his successor and so on. In this modus operandi, the beneficiaries’ names are not published in violation/contravention SC judgments. RBI extends moral support. The loot proceeds are shared judiciously by the fugitives, ruling politicians, SBI Board + CMD/CEO/EDs at the apex level. Their entire assets are steeply disproportionate to their known sources of income.
3. It is left to the will & wish of PMO/UFM infested by Duds of Adhocim to study between lines.
4. https://www.youtube.com/watch?v=4Si8U02s8cQ.
5. SATYAMAEVA JAYATHE!!!
Ramesh Popat
5 years ago
so waving charges and reducing int. rate, sbi should gain net.
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