SBI does away with minimum balance requirement in savings accounts
The State Bank of India (SBI) on Wednesday announced it will not ask customers to maintain a minimum balance in savings accounts, news agency PTI reported. The state-owned bank rationalised interest rate on savings bank accounts to a flat 3 per cent annum. It also waived off SMS charges. “ This announcement will bring in more smiles and delight to our valuable customers. We believe this initiative would empower our customers towards banking with SBI and boost their confidence in SBI," said chairman Rajnish Kumar in a statement. SBI, earlier in the day, slashed its Marginal Cost of Funds based Lending Rate (MCLR) by 10-15 basis points across all tenors from March 10, 2020, moving to make make home and auto loans cheaper. Read More