No Minimum Balance Maintenance for SBI Savings Accounts

The State Bank of India (SBI) has directed all its branches regarding removal of minimum balance stipulation for savings accounts. It has asked all its branches to refund charges that were collected for failure to maintain the minimum balance. The bank issued circular on April 25 saying that it has decided to waive immediately the requirement of maintenance of minimum balance for all savings accounts.

All the SBI branches are advised to display the approved circular material in their branches for publicity and they are ordered to refund charges on eligible accounts for non-maintenance of minimum balance ‘of personal segment’ customers.

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