The State Bank of India right now have 44.81 million users who have their saving account in SBI and for all those users, SBI today has announced a great news. SBI has waived off the average monthly balance requirement for all their Saving account users.

Till now, SBI ask their Saving account customers to maintain Average Monthly Balance of at least Rs. 3000, Rs. 2000, and Rs. 1000 depend on whether they belong to Metro, Semi Urban and Rural areas. The bank levy a penalty of Rs. 5 to Rs. 15 plus taxes to those who broke the above condition that is maintaining the required Average Monthly Balance.

SBI also announce, now they are giving all their saving bank accounts users (irrespective of what balance they have in their account) an annual interest of 3 percent.

SBI Chairman Rajnish Kumar 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.”

As on December 31, 2019, SBI have 21,959 branches in India with 58,500 ATM/CDM network. The number of customers using Internet Banking is around 70 million whereas customers using the Mobile Banking facility is around 16 million. Aroung 41 million users are using SBI Yono service with 4.5 million login per day.

Now, because SBI has waived off average monthly balance requirement for saving accounts, we may see a hike in the figure mentioned above.

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