SBI scraps minimum monthly balance requirement

SBI cuts savings deposit rate to 2.75% lower lending rates EmployeesState Bank of India (SBI) has decided to do away with the maintenance of Average Monthly Balance (AMB) for all savings bank (SB) accounts and cut the interest rate on these accounts to 3 per cent from 3.25 per cent. Further, it has waived SMS charges levied on a quarterly basis.

State Bank of India (SBI) has decided to do away with the maintenance of Average Monthly Balance (AMB) for all savings bank (SB) accounts and cut the interest rate on these accounts to 3 per cent from 3.25 per cent. Further, it has waived SMS charges levied on a quarterly basis.

Currently, customers need to maintain an average balance of Rs 3,000 in a metro region, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas.

Cuts deposit rates on savings bank accounts.

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