SBI waived off SMS charges and non-maintenance of minimum balance charges for all its Savings Accounts.

Aug 18, 2020

SBI waived off SMS charges and non-maintenance of minimum balance charges for all its Savings Accounts.

State Bank of India(SBI) has waived off SMS charges in addition to its penalty waiver on non-maintenance of minimum balance for all its Savings Accounts. SBI has over 44 crore savings accounts. The public sector bank informed that the waiver of such charges is applicable for all kinds of savings accounts including those with cheque or Internet Banking facilities. Earlier, SBI customers had to maintain an average monthly balance of 3000, 2000, and 1000 rupees in the metro, semi-urban, and rural areas respectively. The bank used to levy a penalty of 5 to 15 rupees plus taxes on non-maintenance of average monthly balance. The Bank had announced in the month of March this year that the minimum balance charges will be waived off for all its Savings Account customers.