SBI, the country's largest bank, announced the good news for its customers on Wednesday. The bank has eliminated the requirement of average monthly balance (AMB) on all kinds of savings bank accounts. A press release issued by the bank said that this step has been taken to provide hassle-free banking services to the customers of the bank and to promote financial inclusion in the country. Sbi's decision will benefit 44.51 crore customers. At present, metro, semi-urban, and rural areas have to maintain a minimum balance of Rs. 3,000, 2,000 and 1,000 respectively. The State Bank of India was charging penalty from the customers for not making a monthly balance.
SMS Charge also waived
The bank has also waived SMS charge keeping in way the 'customer first' approach. The move will benefit all customers of the bank significantly.
According to the chairman, the bank will increase customer Confidence:
Announcing the announcement, SBI chairman Rajnish Kumar said, "This announcement will further enhance the smile of our valued grass. Waiving AMB is another essential step of the bank that has been taken for a more convenient and better banking experience for customers. We believe that this move will connect our customers to SBI and the bank in a forceful manner and further strengthen their confidence in the SBI."
State Bank is the largest bank in the country in terms of assets, deposits, branches, customers, and employees. As per the data of 31st December 2019, the bank's deposit base is more than Rs 31 lakh crore. The bank had earlier announced a cut in MCLR-based interest rates in the day. SBI had also announced a reduction in the interest rate on Fixed Deposit.
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