According to sources, it was said that the State Bank of India (SBI) has announced good news for all 44.51 crore account holders, eliminating the requirement of minimum balance on savings account and the requirement of minimum balance in other accounts will remain.
As stated in the report, the bank has rationalized the interest rate for Savings Bank (SB) accounts to be only 3 per cent flat. In addition, SBI's interest rate on savings accounts is 3.25 per year, requiring bankers to maintain an average monthly balance of Rs 3,000 in the metro, Rs 2,000 in semi-urban and 1,000 in rural areas branches of the bank.
As per reports, Subibank has also waived SMS charges to provide relief to all its customers. Earlier, SBI's interest rate on savings accounts is 3.25 per year, requiring customers to maintain an average monthly amount of Rs 3,000 in the metro, Rs 2,000 in semi-urban and 1,000 rural area branches of the bank. If the customer fails to maintain that AMB used to charge a fine of Rs 5 to Rs 15 as SBI tax.
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