The State Bank of India (SBI), the largest public sector banks in India, has asked its branches to remove the minimum balance stipulation and refund charges that were collected for failure to maintain the same.
State Bank of India, in a circular issued on April 25, said that the SBI has decided to waive the requirement of maintenance of minimum balance for all types of savings bank accounts with immediate effect and no minimum balance charges would be levied every quarter henceforth, the circular addressed to chief general managers of all SBI circles said.
The circular said that “the competent authority has since approved refund of minimum balance charges recovered, if any, in respect of non-maintenance of minimum balance for the quarter.”
A senior official of SBI said, “We are doing this to help improve our customer base. It has been in the offing for some time.”