State Bank of India
(SBI) is to remove the service charge for non-maintenance of
savings account minimum balances.
SBI said that removing
the minimum balance requirement would act as a strong selling point
for its savings bank product.
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SBI branches will
continue to require that new accounts are opened with a minimum
balance of INR100 ($2.01); a minimum balance requirement of INR50
applies to SBI’s ‘No Frills Account’.
For the three months to
31 December, SBI reported a 14% rise in deposits to
INR10trn.
SBI’s key low cost
savings CASA ratio increased by 41 basis points from the year ago
period to 47.93%.
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