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SBI scraps minimum balance requirement on all savings bank accounts

12 Mar 2020 Evaluate

State Bank of India (SBI) has scrapped the minimum balance requirement on all savings bank accounts. The bank also rationalized interest rate on all savings bank accounts to a flat 3 per cent. The lender has also waived SMS charges, which will provide a significant relief to all its customers.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

Peers
Company Name CMP
State Bank Of India 988.05
PNB 117.00
Bank Of Baroda 232.50
Canara Bank 123.30
Union Bank Of India 177.35
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