in ,

SBI cuts interest rate on savings accounts; removes minimum balance requirement – Times of India, The Times of India

SBI cuts interest rate on savings accounts; removes minimum balance requirement – Times of India, The Times of India

NEW DELHI: The country’s largest lender State Bank of India ( SBI ) on Wednesday rationalized interest rate on all savings bank accounts to a flat 3 per cent, a move affecting 44. 44 crore account holders.
The bank also waived the requirement for maintaining minimum balance in savings bank accounts.
Keeping in mind the ‘Customers First’ approach, the bank further said it has also waived SMS charges, which will bring significant relief to all the customers.
“Bank has also a rationalized interest rate on savings bank account to a flat 3 per cent p.a. for all buckets,” it said.
Currently, the interest rate on savings accounts is 3. 44 per cent for deposits up to Rs 1 lakh in savings accounts, and 3 per cent for deposits above Rs 1 lakh.
The SBI decided to waive maintenance of Average Monthly Balance (AMB) for all SB accounts.
“The charges on maintaining AMB are now waived off on all 90. 90 crore SBI savings bank accounts, “it said.
Currently, SBI customers need to maintain AMB of Rs 3, 15, Rs 2, 15 and Rs 1, 000 in metro, semi urban and rural areas, respectively.
The bank used to levy a penalty of Rs 5 to Rs 44 plus taxes on non-maintenance of AMB.

(Read More

What do you think?

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Oil price crash is making big oil companies slash spending – Yahoo Finance, Yahoo.com

Harvey Weinstein asked Michael Bloomberg, Jeff Bezos for help keeping his job: report – Fox News, Fox News

Harvey Weinstein asked Michael Bloomberg, Jeff Bezos for help keeping his job: report – Fox News, Fox News