The country’s largest bank SBI, i.e. State Bank of India has given huge relief to its savings account holders. SBI has made some remarkable decisions now like eliminating penalty on minimum balance, SMS charges, etc. By removing the penalty of minimum balance, customers will get a lot of comforts now. According to the statement issued by the SBI, this step will benefit 44.51 crore savings account holders of SBI. Here are some steps were taken by SBI –
SMS charges removed
Important announcement for #SBI customers! Average Monthly Balance (AMB) charges on savings bank accounts have been waived. Quarterly SMS charges have also been waived off. For more details, please visit: https://t.co/1f2bY5ZYTS#SBI #Announcement #SavingsAccount #ZeroBalance pic.twitter.com/K0S8cmRhVy
— State Bank of India (@TheOfficialSBI) March 11, 2020
According to SBI, keeping in mind the ‘Customer First’ policy, it has now removed the yearly SMS charges. This step will directly benefit millions of customers who have opted for this feature bank.
Minimum balance penalty ends on savings account
SBI has announced to end the penalty charged on the minimum balance on all types of savings accounts. This step will bring a lot of relief to the saving account bank’s customers. Currently, it is mandatory to maintain a minimum monthly balance of Rs 3,000 for SBI customers in the metro area, Rs 2,000 for the semi-urban area and Rs 1,000 for rural customers. Earlier SBI was heavy charging penalties from customers for not maintaining a minimum balance.
Low Interest on Fixed Deposit
SBI has reduced interest for the second time in a month. The rate of interest for seven days to 45 days FD will now be 4%, which was 4.50% earlier. The interest rate on deposits for one year and above is now reduced to 0.10%. The interest rate on deposits for a period of one year to two years will now be 5.90%, which was earlier%. The new FD rates have come into effect from 10 March.
Interest Rate Reduction
State Bank of India had earlier announced a reduction in the interest rate on MCLR based loans by up to 0.15%. This decision to cut the interest rate on all term loans has come into effect from March 10, 2020. This step has made the bank’s home loan and other loans cheaper.