India's largest bank SBI today announced that it will waive charges for non-maintenance of average monthly balance (AMB) for all 44.51 crore savings bank accounts. Currently SBI savings bank customers need to maintain average monthly balance 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 plus taxes on non-maintenance of average monthly balance.
SBI has also waived of SMS charges. India's biggest bank has also rationalised interest rate on savings bank account to a flat 3% per annum for all buckets.
"This announcement will bring in more smiles and delight to our valuable customers.
Sbi already looted 150 rs per share extra from Sbi card ipo which was about to priced 600/610 during november/december but Gmp players forced them to increase further .