SBI to waive penalty for non-maintenance of AMB for all savings accounts

The Largest lender of India, State Bank of India (SBI) recently announced that the penalty charges for non-maintenance of average monthly balance (AMB) for all its savings bank accounts are to be waived.

At present, the customers shall have to maintain average monthly balance of ₹3000, ₹2000 and ₹1000 in metro, semi urban and rural areas respectively. The Bank levies a penalty of ₹5 to ₹15 plus taxes when average monthly balance is not maintained. Now the penalty has been waived for all its 44.51 Crore savings bank account holders. The bank also lowered interest rate on all SB accounts to 3%.