New Delhi, July 3 (IANS) The country’s largest lender, State Bank of India (SBI), Tuesday announced that it has done away with the minimum balance requirement for savings accounts for both existing and new customers.
“SBI waives minimum balance in savings accounts,” the public sector lender said in an advertisement published in leading newspapers.
It said that the facility was available to existing customers also.
Customers with cheque book facilities were required to maintain a minimum balance of Rs.1,000 in SBI savings bank account, failing to which used to attract quarterly penalty of Rs.225.
For the customers who were not using cheque book facilities, the minimum balance requirement was Rs.500.
The move would help SBI attract new customers and further consolidate its position in the market.
The minimum balance requirement for savings accounts in leading private banks varies between Rs.10,000 and Rs.20,000. However, this requirement is substantially lower in government-run banks.
