Country’s largest bank SBI today announced that it will waive charges for non-maintenance of average monthly balance (AMB) for all 44.51 crore savings bank accounts.
According to the lender, the initiative will further boost the efforts to promote ‘Financial Inclusion’ in the country.
“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 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,” chairman Rajnish Kumar said in a statement.
“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.
(With input from agencies)