In a major initiative to provide a hassle-free banking experience to customers, country’s largest lender, State Bank of India today announced the decision to waive maintenance of Average Monthly Balance (AMB) for all Savings Bank Accounts.
This decision will likely boost the lender’s efforts to promote Financial Inclusion in the country.
In a statement, the public sector bank said that the charges on maintaining AMB are now waived off on all 44.51 crore SBI savings bank accounts.
At present, 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 customers of the bank.
SBI has also rationalised interest rate on Savings Bank Account to a flat 3 per cent.
Commenting the on waiver, Rajnish Kumar, chairman, SBI 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 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.