SBI waives,removed minimum balance, SBI minimum Balance 2020 news

SBI to Make Minimum Monthly Balance Requirement NIL, Announces Waiver of Penalties

SBI says No Minimum Balance

Union Minister Ravi  Shankar Prasad calls it an Initiative for the Poor People

India, 12th Mar 2020: After a week-long stretch of stressful Yes Bank crisis, good news flashes from the banking sector. The banking giant of India, State Bank of India, also the largest lender announces a waiver of its bank charges levied on non-maintenance average monthly balance in its saving accounts. This waiver of penalties shall affect it's 44.51 saving account holders who were earlier charged some heavy amounts for failure to maintain the minimum balance in any month. 
    Previously, the saving bank account holders were required to maintain a minimum monthly balance of Rs. 3000, Rs. 2000 and Rs. 1000 on the basis of types of location, i.e. Metropolitan, Semi-Urban, and Rural respectively. 
    The non-maintenance charges stick around 5 to 15 rupees along with it taxes were added. The news from SBI is really relaxing as the small depositors had to undergo a burden of various charges levied by the banks which were more or less some kind of Financial Oppression. 
     State Bank of India, sharing the good news yesterday at 6.28PM tweeted.

    The list of good news from SBI does not end here as they also announces the abandonment of their quarterly SMS charges. The account holders were debited with 15 rupees with added taxes for availing their SMS alert services. The removal of charges is with effect from 1st Jan, 2020.
    Union Minister Ravi Shankar Prasad in his tweet at 6.17 PM yesterday expressed the news in the public domain.

    The interest rates allowed to its Saving Bank Customers are 3.25% for a deposit up to Rs. 100,000 and that of 3.00%  for deposit above Rs. 100,000.
    State Bank of India, the leading lender of India up to 31 Dec 2019 holds a deposit of Rs. 31 Lakh Crore in its span of 21,959 branches