SBI may bring down minimum balance requirement amount for savings accounts to Rs 1000

The State Bank of India might slashed the 70 per cent amount of the minimum balance that is required to keep in the savings account. Currently, the minimum balance requirement is Rs 3,000 for metros, Rs 2,000 for semi-urban areas and Rs 1,000 for rural areas.

According to various media reports, SBI also considering changing the mandate to quarterly balance from monthly requirement.

The move comes after a Finance Ministry report showed that SBI collected Rs 1,771 crore during April-November 2017, which is more than its July-September quarter net profit of Rs 1,581.55 crore.

Meanwhile, SBI has reduced its base rate by 0.30% to 8.65%, which will benefit its 80 lakh customers, who are largely retail customers.

Additionally, the bank has extended its ongoing waiver on home loan processing fees till March 31, 2018, for new customers keen on buying a home — clearly trying to attract customers to shift from other banks. It has also reduced rates for customers who are linked to the old Benchmark Prime Lending rate (BPLR) by 0.30% to 13.40%

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