A view of State Bank of India (SBI) bank branch and ATM in Bangalore, India. (file photo, source: Bloomberg)

India’s largest public-sector lender State Bank of India (SBI) on Wednesday scrapped the minimum balance requirement on all savings bank accounts.

This apart, the bank also rationalised interest rate on all savings bank accounts to a flat 3 per cent. The move is likely to impact around 44.51 crore account holders of the public sector lender.

Savings account is one of the most essential investments. There are numerous banks in the country which provide attractive interest rates on savings accounts. The interest is calculated on a daily basis and is credited in a periodic manner. Interest rates: 4% to 7.1% p.a. Based on daily balance.

Along with these measures, SBI said that it has also waived SMS charges, which will provide a significant relief to all its customers.

SBI Flexipay Home loan provides an eligibility for a greater loan. It offers customer the flexibility to pay only interest during initial 3-5 years and thereafter in flexible EMIs. This variant of SBI home loan is very useful for young salaried between 21-45 years.
For example, the current repo rate is at 6%. Hence, the current SBI Savings Account Interest Rate for the money which is beyond Rs.1 lakh will be arrived as below. SBI Savings Account Interest Rate (For.

“Bank has also rationalised interest rate on SB Account to a flat 3 % p.a. for all buckets,” SBI said in a statement.

Sbi Sb Interest Rate

Universal slots casino no deposit bonus code 2020. Till now, the interest rate on savings accounts was 3.25 per cent for deposits up to Rs 1 lakh, and 3 per cent for deposits above Rs 1 lakh.

Espana casino. “The charges on maintaining AMB (Average Monthly Balance) are now waived off on all 44.51 crore SBI savings bank accounts,” the bank said. Spartan slots 100 free spins 2020.

Customers of SBI had to maintain an average monthly balance of Rs 3,000, Rs 2,000 and Rs 1,000 in metro, semi-urban and rural areas respectively, failing which they used to levy a penalty of Rs 5 to Rs 15 plus taxes.

Sbi Bank Interest Rate

Earlier in the day, the bank also announced that it has reduced its marginal cost of fund-based lending rate (MCLR) by up to 15 basis points across various tenors, effective March 10.

Sbi Rd Interest Rate Today

(with PTI inputs)