SBI waives off Average Monthly Balance on all Savings Bank Accounts

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SBI waives off Average Monthly Balance on all Savings Bank Accounts

  • Monthly Balance maintenance waived off on 44.51 crore SBI Savings Bank Accounts
  • SBI also waived off SMS charges levied on quarterly basis
  • All SBI customers will now enjoy the Zero Balance facility in their SB account

In a major initiative to bring customer delight and a hassle free banking experience, country’s largest lender, State Bank of India has decided to waive maintenance of Average Monthly Balance (AMB) for all Savings Bank Accounts. This 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. Currently SBI Savings Bank customers’ needs to maintain AMB of Rs 3000, Rs 2000 and Rs 1000 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.

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 the customer of the bank.  Bank has also rationalised interest rate on SB Account to a flat 3 % p.a. for all buckets.

Rajnish Kumar, Chairman, SBI announcing the waiver said “This announcement will bring in more smiles and delight to our valuable customers. Waiving AMB is SBI’s yet another initiative to provide customers a more convenience and elated banking experience. We believe this initiative would empower our customers towards banking with SBI and boost their confidence in SBI.”

SBI waives off Average Monthly Balance on all Savings Bank Accounts

About State Bank of India:

State Bank of India (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. As on December 31, 2019, the bank has a deposit base of over Rs. 31 lakh crore with CASA ratio of little more than 44% and advances of nearly Rs. 23 lakh crore. SBI commands 34% market share home loans and 34.86% in auto loans segment. The Bank has the largest network of 21,959 branches in India with an ATM / CDM network of over 58,500. The number of customers using internet banking facility are 70 million and mobile banking services stand more than 16 million. Downloads for YONO – an integrated digital and lifestyle platform by SBI – is over 41 million with 4.5 million logins per day. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide

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