SBI Waives Off Average Monthly Balance For Over 44 Crore Savings Bank Accounts, Cuts Interest Rate To 3 Per Cent

The State Bank of India (SBI) on Wednesday (11 March) announced that it has decided to waive off the average monthly balance (AMB) charges on all the savings bank accounts, reports ANI.

“State Bank of India has decided to waive maintenance of Average Monthly Balance (AMB) for all Savings Bank Accounts,” the bank said in a press release.

The charges on maintaining AMB are now waived off on all 44.51 crore SBI savings bank accounts, it said.

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, the release said.

The bank has also waived off quarterly SMS charges. It has also rationalised the interest rate on SB Account to a flat 3 per cent per annum for all buckets.

Currently, the interest rate on SB accounts is 3.25 per cent for deposits up to Rs 1 lakh in SB accounts, and 3 per cent for deposits above Rs 1 lakh, Times of India has reported.

“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,” said SBI Chairman Rajnish Kumar.