State Bank of India (SBI) on Wednesday removed average monthly balance requirements for all its account holders. Earlier, account holders had to maintain a minimum of Rs 3,000, Rs 2,000 and Rs 1,000 in Metro, semi urban and rural areas, respectively.
There was a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of this monthly balance.
The interest gained on savings accounts has been rationalised at 3 percent per annum.
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