NEW DELHI: On Wednesday State Bank of India rationalized interest rate on all savings bank accounts to a flat 3 percent, a move affecting 44.51 cr account holders.
The bank also renounced the requirement for maintaining a minimum balance in savings bank accounts.
The bank further said it has also renounced SMS charges, which will bring notable relief to all the customers.
SBI said in a statement, “Bank has also rationalized interest rate on savings bank accounts to a flat 3% p.a. for all buckets. The charges on maintaining average minimum balance are now waived off on all 44.51 crore SBI savings bank accounts.”
At present, State Bank of India savings bank accounts has an interest rate of 3.25 % for deposits up to Rs 1 lakh crore whereas 3 % for deposits above that magnitude. All the customers are needed to maintain an average minimum balance of Rs 3,000, Rs 2,000 and Rs 1,000 in semi-urban, metro and rural areas, respectively.
Earlier this morning State Bank of India (SBI) Chairman Rajnish Kumar has said that the inconvenience and uncertainty faced by Yes Bank depositors could be lifted within a week.
Assuring depositors of the safety of their hard-earned money, Kumar said once the state-run lender stepped in there shouldn’t be any worry about money as the financial system was sound, according to media reports. It would be business as usual for Yes Bank with SBI’s entry, Kumar assured depositors.
His statement gains significance as both depositors and investors are concerned about the bank’s future and capital adequacy.
Prashant Kumar, the RBI-appointed administrator, has also said efforts are on to lift the moratorium before the April 3 deadline and it could be lifted as early as Saturday. According to the administrator, there should not be an issue on the liquidity front.
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