In order to attract new customers, India's largest bank SBI (State Bank of India) has done away with the minimum balance criterion for savings bank account.
The SBI bank will not levy any charge for breaching the minimum balance requirement. The facility is available to existing customers also, stated the SBI.
For the normal SBI savings accounts with cheque book facility,a customer had to maintain a minimum balance of Rs.1,000 in his / her account, failing which it attracted a fine.Certain savings account products have a minimum monthly balance of as low as Rs. 50.
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