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SBI waives minimum balance criteria for savings bank account

However, the bank will not levy any charge for breaching the min balance criteria

Press Trust of India  |  New Delhi 

In order to attract new customers, State Bank of India (SBI) has done away with for saving banks account.

The bank will not levy any charge for breaching

The facility is available to existing customers also, said in an advertisement.

For the normal savings account with cheque book facility, a customer had to maintain a minimum balance of Rs 1,000 in his or her account failing which it attracted penalty.

There are certain saving account products of the bank where the minimum monthly balance is as low as Rs 50. Depending on features and facility, the minimum average monthly balance varies.



The waiver would help the bank in improving customer base, an official said, adding, it will also help the bank inc generating low cost deposits as the earns interest rate of just 4%.

As of March 2012, had 15.39 crore saving banks accounts. During 2011-12, the bank opened 2.19 crore such accounts.

On the other hand, the minimum balance requirement for of private sector bank like ICICI Bank, and HDFC Bank is Rs 10,000. This is for an individual having account in any branch in a metro centre.

Failing to maintain minimum average monthly balance in ICICI Bank attracts a fine of Rs 250 per month for the metro region.

In case of with foreign banks like Citibank, the minimum average monthly balance criteria Rs 25,000 for metro centres.

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SBI waives minimum balance criteria for savings bank account

However, the bank will not levy any charge for breaching the min balance criteria

In order to attract new customers, State Bank of India (SBI) has done away with minimum balance criteria for saving banks account.

In order to attract new customers, State Bank of India (SBI) has done away with for saving banks account.

The bank will not levy any charge for breaching

The facility is available to existing customers also, said in an advertisement.

For the normal savings account with cheque book facility, a customer had to maintain a minimum balance of Rs 1,000 in his or her account failing which it attracted penalty.

There are certain saving account products of the bank where the minimum monthly balance is as low as Rs 50. Depending on features and facility, the minimum average monthly balance varies.

The waiver would help the bank in improving customer base, an official said, adding, it will also help the bank inc generating low cost deposits as the earns interest rate of just 4%.

As of March 2012, had 15.39 crore saving banks accounts. During 2011-12, the bank opened 2.19 crore such accounts.

On the other hand, the minimum balance requirement for of private sector bank like ICICI Bank, and HDFC Bank is Rs 10,000. This is for an individual having account in any branch in a metro centre.

Failing to maintain minimum average monthly balance in ICICI Bank attracts a fine of Rs 250 per month for the metro region.

In case of with foreign banks like Citibank, the minimum average monthly balance criteria Rs 25,000 for metro centres.

image
Business Standard
177 22

SBI waives minimum balance criteria for savings bank account

However, the bank will not levy any charge for breaching the min balance criteria

In order to attract new customers, State Bank of India (SBI) has done away with for saving banks account.

The bank will not levy any charge for breaching

The facility is available to existing customers also, said in an advertisement.

For the normal savings account with cheque book facility, a customer had to maintain a minimum balance of Rs 1,000 in his or her account failing which it attracted penalty.

There are certain saving account products of the bank where the minimum monthly balance is as low as Rs 50. Depending on features and facility, the minimum average monthly balance varies.

The waiver would help the bank in improving customer base, an official said, adding, it will also help the bank inc generating low cost deposits as the earns interest rate of just 4%.

As of March 2012, had 15.39 crore saving banks accounts. During 2011-12, the bank opened 2.19 crore such accounts.

On the other hand, the minimum balance requirement for of private sector bank like ICICI Bank, and HDFC Bank is Rs 10,000. This is for an individual having account in any branch in a metro centre.

Failing to maintain minimum average monthly balance in ICICI Bank attracts a fine of Rs 250 per month for the metro region.

In case of with foreign banks like Citibank, the minimum average monthly balance criteria Rs 25,000 for metro centres.

image
Business Standard
177 22