New Delhi: Public sector lender State Bank of India (SBI) today announced that it has waived off the requirement of holding average monthly balance for savings accounts.
In a statement the country’s largest lender said, “State Bank of India has decided to waive maintenance of Average Monthly Balance (AMB) for all Savings Bank Accounts”.
From now on all SBI customers will enjoy the zero balance facility in their savings bank accounts.
The move will benefit 44.51 crore savings bank account holders, the SBI said.
The charges on maintaining AMB are now waived off on all 44.51 crore SBI savings bank accounts, it added.
At present, the SBI saving account holders require 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.
Besides, the lender has also waived off SMS charges levied on quarterly basis.