AMB for SBI Savings Accounts Reduced

The State Bank of India (SBI), one of the country’s largest lenders by assets on Wednesday, announced that they would waiver the average monthly balance (AMB) requirement for all their savings bank account holders. “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 Rs 3,000, Rs 2,000 and Rs 1,000 in metro, semi urban and rural areas respectively,” SBI said in a press release.

Previously, the bank used to charge a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of AMB. Apart from wavering, the bank is giving another surprise to its customers by stating that all savings bank account holders with the bank will earn an interest rate of 3 per cent irrespective of the balance maintained. The bank has also waived the SMS charges made to its customers.

Rajnish Kumar, chairman, State Bank of India while announcing the waiver said, “This announcement will bring in more smiles and delight to our valuable customers. Waiving AMB is SBI’s yet another initiative to provide customers a more convenience and elated banking experience. We believe this initiative would empower our customers towards banking with SBI and boost their confidence in SBI.”