Mumbai: State owned lender SBI on Wednesday announced a waiver on maintenance of Average Monthly Balance (AMB) for all savings bank accounts and SMS charges for its 44.51 crore SBI savings bank accounts.
In a note, the bank explained, "Currently SBI Savings Bank customers’ needs to maintain AMB of Rs 3000, Rs 2000 and Rs 1000 in Metro, Semi Urban and Rural areas respectively. Bank used to levy a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of AMB."
The bank believes that the move will bring significant relief to its customers. The Bank has also rationalised interest rate on SB Account to a flat 3 % p.a. for all buckets.
Rajnish Kumar, the bank's Chairman was quoted as saying "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.”