Mumbai: SBI Savings Account holders may be happy to hear that it will not levy a penalty on those who fail to maintain minimum balance in their account. SBI announced this on Twitter that the bank’s 44 crore savings account holders will benefit from this. In March, SBI decided to avoid penalty for not savings accounts.
Despite this, the customers are also advised to maintain a minimum balance in their account. This makes them eligible for other benefits. SBI offers higher number of free ATM transactions to those who maintain a higher balance in their savings accounts. For example, account holders who maintain balance of over Rs 1 lakh get the benefit of unlimited number of free ATM transactions in a month.
SBI had suggested a minimum balance of Rs 3,000 in metro cities, Rs 2,000 in semi-urban cities and Rs 1,000 in villages, and a fine of Rs 5 to Rs 15 if this was not followed.
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