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kalahandipost.blogspot.com is not the official website of kalahandi postal division. It is just a private initiative to make the people aware about different postal product and services.All content displayed here are contributed by user and collected from different open sources. We do not claim any accuracy or originality of content.All pages you visit through the hyper link may have different privacy policy.we will not be liable for any losses, injuries or damages arising from its display or use.

SBI waives minimum balance criteria for savings bank account

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

The bank will not levy any charge for breaching minimum balance criteria.

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

For the normal SBI 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 savings bank account earns interest rate of just 4 per cent.

Source:-The Economic Times

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