State Bank of India (SBI) made five big announcements in one day on March 11. This is not usually the case. SBI periodically informs its customers about new schemes, policies but yesterday 5 big decisions were taken and implemented in a single day. These are decisions that will have a direct impact on crores of account holders. Some of the announcements were shocking, while some were of relief. These new rules of the bank include important features like reduction in interest rate interest rates, account maintenance charge, account maintenance charge. Let’s take a look and know what can change in your life after these announcements.
1. Minimum Balance : This decision of SBI is the biggest and important decision. It is a real relief for millions of customers that SBI has now done away with the minimum balance requirement for maintaining savings accounts. This means that if you are not able to keep minimum balance every month, then neither your account will be closed nor will there be any penalty on it. SBI account holders in metro areas have a minimum of Rs 3 thousand for SBI account holders, Rs 2 thousand for semi-urban areas, a minimum of Rs 1000 for rural area account holders i.e. minimum monthly balance or average minimum. It was mandatory to keep the balance AMB (Average minimum balance). SBI used to charge penalties from its customers. SBI Customers for not maintaining such amount in the account.
Important announcement for #SBI customers! Average Monthly Balance (AMB) charges on savings bank accounts have been waived. Quarterly SMS charges have also been waived off. For more details, please visit: https://t.co/1f2bY5ZYTS#SBI #Announcement #SavingsAccount #ZeroBalance pic.twitter.com/u9bfRthzpk
— State Bank of India (@TheOfficialSBI) March 11, 2020
2. Interest Rates on Saving Account : SBI has reduced the interest rate interest rates on all types of savings i.e Saving Accounts. These rates have been reduced to three percent annually after the deduction. After this decision, 44 million 51 lakh customers of SBI (State Bank of India) will be affected. SBI (State Bank of India) currently pays 3.25 percent interest on deposits up to Rs 1 lakh. Apart from this, interest on the amount deposited above Rs 1 lakh is given at the rate of 3 percent.
3. SMS Charges Expired: SBI has also waived the fees levied on SMS, giving customers another facility. Crores of account holders will benefit immensely from this decision. According to SBI, all these changes have been made by SBI (State Bank of India) bank in view of its customer first i.e. customer first policy.
4. Interest rates reduced : SBI has now announced to reduce the rate of interest rate on MCLR based loan. After this, now these Interest Rate will be reduced by 0.15 percent. This decision to cut the rate of interest rate on all the loans of SBI has become effective from March 10, 2020. After this deduction, SBI (State Bank of India) Home Loan and other loans have also become relatively cheaper.
5. Reduction in interest on FD : SBI has also reduced the interest rates on FD i.e Fixed Deposit. FD is a scheme in which the highest customer segment deposits and invests its money. Its rates were reduced on Wednesday.