SBI rises on waiving minimum balance criteria for saving bank account

State Bank Of India | Bank - Public | BFSI | BSE: 500112 | NSE: SBIN

04 Jul 2012 Evaluate

State Bank of India is currently trading at Rs. 2214.00, up by 30.05 points or 1.38% from its previous closing of Rs. 2183.95 on the BSE.

The scrip opened at Rs. 2194.00 and has touched a high and low of Rs. 2218.75 and Rs. 2191.10 respectively. So far 1, 97,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2529.50 on 26-Jul-2011 and a 52 week low of Rs. 1576.00 on 20-Dec-2011.

Last one week high and low of the scrip stood at Rs. 2218.75 and Rs. 2076.95 respectively. The current market cap of the company is Rs. 1, 48,569 crore.

The promoters holding in the company stood at 61.58% while Institutions and Non-Institutions held 25.84% and 10.05% respectively.

State Bank of India (SBI), the country’s largest bank, has waived off the minimum balance criteria for saving bank account. Henceforth, the bank will not levy any charge for breaching minimum balance criteria. The bank has taken this step in order to increase its customer base. This facility is available not only for new customers but also for existing customers.

Initially, the bank customers had to maintain a minimum balance of Rs 1,000 in his or her savings account with cheque book facility. Upon failing to meet the minimum balance criteria the customers had to pay the penalty.

Besides, there are certain savings account products of the bank where the minimum monthly balance is as low as Rs 50 and depending on features and facility, the minimum average monthly balance varies.

Apart from improving customer base this move will also help the bank to generate low cost deposits since the savings bank account earns interest rate of just 4%. The bank had 15.39 crore saving banks accounts, as of March 2012. It opened 2.19 crore such accounts during 2011-12.

State Bank Of India Share Price

1041.85 14.75 (1.44%)

01-Jul-2026 13:07 View Price Chart

Peers

Company Name	CMP
State Bank Of India	1041.85
PNB	107.20
Bank Of Baroda	272.55
Canara Bank	126.85
Union Bank Of India	173.25
View more..

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