In a relief to customers\, SBI waives SMS charges\, minimum balance penalty on all savings accounts



In a relief to customers, SBI waives SMS charges, minimum balance penalty on all savings accounts

In a bid to provide relief to lakhs of customers, the State Bank of India (SBI) announced new rules that will benefit all the savings account holders of the bank. The rules include no pay charges for SMS service and zero penalty on those who fail to maintain a minimum balance in their account.


State Bank of India

In a bid to provide relief to lakhs of customers, The State Bank of India (SBI) announced new rules that will benefit all the savings account holders of the bank. The rules include no pay charges for SMS service and zero penalty on those who fail to maintain a minimum balance in their account.

Earlier, failure to maintain Monthly Average Balance (MAB) in accounts attracted penalty that varied in metropolitan and rural areas.

Savings Bank customers’ were required to maintain a monthly average balance of Rs 3000, Rs 2000 and Rs 1000 in Metro and Urban, Semi-Urban and Rural areas respectively.  The bank used to levy a penalty ranging from Rs 5 to Rs 15 plus taxes on non-maintenance of average monthly balance.

"Good news for SBI Savings Account holders! Now you don't have to pay charges for SMS service and non-maintenance of monthly average balance," the SBI tweeted on Tuesday.

Is this facility for all SBI savings accounts that have internet banking and cheque book facilities? In reply to this question, SBI further tweeted that the waiver of charges is all applicable for all accounts.

However, the customers are still advised to maintain a minimum balance in their account as it will make them eligible for other benefits.

In wake of coronavirus pandemic, the State Bank of India this year had announced that it will waive charges for non-maintenance of average monthly balance (AMB) for all savings bank accounts.

SBI has over 44 crore savings accounts.