SBI removes minimum balance charges from all savings bank accounts

The State Bank of India has waived off the minimum balance charges on all savings bank accounts. SBI has waive charges for non-maintenance of Average Monthly Balance (AMB) for all 44.51 crore savings bank accounts. Earlier, SBI was levying a penalty of Rs 5 to Rs 15 along with taxes on non-maintenance of average monthly balance of Rs 3000, Rs 2000 and Rs 1000 in metro, semi urban and rural areas respectively. Along with the charges for non-maintenance of Average Monthly Balance, the public sector bank has also waived of SMS charges.

Important takeaways for all competitive exams:

• Chairperson of SBI: Rajnish Kumar; Headquarters: Mumbai; Founded : 1 July 1955.

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