SBI Removes Min Balance, Cuts Interest Rate On Savings Account

by GoNews Desk 4 weeks ago Views 1475
SBI Removes Min Balance, Cuts Interest Rate On Sav
The State Bank of India (SBI), the country’s largest bank, has offered a huge gift to its savings account customers. On Wednesday, SBI scrapped the charge imposed on not maintaining a minimum balance in savings accounts and also waived off quarterly SMS charges.

After this announcement by the SBI, all savings account customers of the bank can now avail the facility of zero balance accounts. Along with this, the bank has reduced the interest rate on all types of savings accounts to 3%.

Also Read: Covid-19 Crisis: Unicef's Do's & Don'ts For School Kids

Earlier, savings account customers of the SBI had to maintain a minimum balance of Rs 3,000 in metro areas, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas.

According to the statement released by the SBI, this step will benefit its 44.51 crore savings account customers. SBI Chairman Rajnish Kumar said that this decision will bring smiles on the faces of many people.

Apart from this, while the SBI has reduced the interest rate on all types of savings accounts to 3%, the marginal cost-based lending rate (MCLR) has also been reduced by 10-15 basis points. With the MCLR being low, home loans will get cheaper now.

The bank has also slashed the interest rate on its fixed deposits for the second time in a month. Currently, SBI, the country’s largest bank, has 44.51 crore savings accounts.

Latest Videos

Facebook Feed