State Bank of India (SBI) — the country’s largest lender — has hinted at lowering the minimum balance that customers are required to maintain in their savings accounts.
“That is something we have been looking at continuously,” P.K. Gupta, managing director, SBI said. “We brought it back in April and we reviewed it in October; now also we are in the process of reviewing it. It should happen very soon.” he added.
Currently, customers of the bank in metro and urban areas are required to maintain an average monthly balance of ₹3,000, while the same for semi-urban areas is ₹2,000 and for rural areas, it is ₹1,000.
The penalty for not maintaining the minimum balance ranges from ₹20-₹50 a month depending on the extent of shortfall and the location of the branch. of branches.
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