In a major move, country’s largest lender, State Bank of India has decided to waive maintenance of Average Monthly Balance (AMB) for all Savings Bank Accounts.
This initiative will further boost the efforts to promote Financial Inclusion in the country. The charges on maintaining AMB are now waived off on all 44.51 crore SBI savings bank accounts.
Currently SBI Savings Bank customers’ needs to maintain AMB of ₹3000, ₹2000 and ₹1000 in Metro, Semi Urban and Rural areas respectively. Bank used to levy a penalty of ₹5 to ₹15 + taxes on non-maintenance of AMB.
