Breaking SBI removed average minimum balance requirement

[Abhinav]

In a major initiative to provide a hassle-free banking experience to customers, country’s largest lender, State Bank of India today announced the decision to waive maintenance of Average Monthly Balance (AMB) for all Savings Bank Accounts.

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 customers of the bank. SBI has also rationalised interest rate on Savings Bank Account to a flat 3 per cent.

Wow! Average Monthly Balance in SBI Savings Bank accounts is not required now

 

[AsitPaul]

Already a few thousand crore cut from Cuatomers A/c due to non-maintainance of Minimum Balance

 

[Pallab501]

Is it true?

 

[iDJ]

Already a few thousand crore cut from Cuatomers A/c due to non-maintainance of Minimum Balance

Count my dad in. Their ridiculous charges were tolerable. But they took one step ahead and disabled online transactions on SBI debit cards on third party sites like Amazon in 2017. Haven't use SBI ever since.

 

[igloo]

the last line is also important but disguised in article.
Saving bank interest rate reduced from 3.5% to 3%
Now all pvt banks will follow this.

 

[Abhi]

the last line is also important but disguised in article.
Saving bank interest rate reduced from 3.5% to 3%
Now all pvt banks will follow this.

Not only private but also all nationalized banks too will follow this. Always SBI reduces the interest rate and others follow the same..

 

[Pallab501]

Not only private but also all nationalized banks too will follow this. Always SBI reduces the interest rate and others follow the same..

Then They should also follow all the rules. HDFC,Axis, ICICI should also remove minimum balance charges like SBI.

 

[Rajat Basak]

Zero balance? Good but I think it should be minimum ₹500 for all account..

SMS charge was a extra burden because I use Debit Card twice a year.

Minimum interest rate on savings account should be atleast 3.5%.

They are forcing us to invest on mutual funds, share but not everyone can do that..

 

[Pradeep.R]

 

[Msingh]

What about annual debit card charges?