State Bank of India (SBI) has waived the minimum balance requirement for Savings Bank Accounts.
The bank policy that, people should keep a minimum balance of Rs.1000 in rural areas and, Rs. 2000 in the semi-urban area was lifted today. At least 44.51 cr savings bank accounts will get the profit due to this.
No penalty will be imposed if the minimum amount is not kept in the account. The interest rate on savings accounts has been consolidated to 3% per annum. Besides, SBI has also reduced lending rates and also eliminated SMS charges.