State Bank of India, country’s largest public sector lender is likely to compel its customers to maintain minimum balance in their savings accounts, at least for now. The bank directed branches to ‘keep in abeyance' the waiver of service charges for non-maintenance of minimum balance.
The bank has passed an e-circular in February for the waiver as a ‘major step forward towards customer retention and acquisition. This is now sought to be reversed and kept in abeyance according to another circular dated April 4.
