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No minimum balance for SBI savings bank accounts
March 12 , 2020
1765 days
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- The State Bank of India (SBI) announced that it has waived off the requirement of holding average monthly balance for savings accounts.
- Currently SBI savings bank account customers need to maintain an average monthly balance of Rs 3,000, Rs 2,000 and Rs 1,000 in Metro, Semi Urban and Rural areas, respectively.
- The bank has also rationalised interest rate on savings accounts to a flat 3 per cent per annum for all savings bank account holders.
- Previously, savings accounts with a balance of less that Rs 1 lakh earn 3.25 percent a year, while those with more than Rs 1 lakh earn 3 percent.
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