SBI today rationalised interest rate on all savings bank accounts to a flat 3%, a move affecting 44.51 crore account holders The bank also today waived the requirement for maintaining minimum. Savings account holders with the country’s largest lender State Bank of India (SBI) will now earn an interest of 2.75 percent effective from April 19. With interest rates being slashed twice in two months, it is the lowest ever return offered by any Indian banks for its savings account. SBI Flexipay Home loan provides an eligibility for a greater loan. It offers customer the flexibility to pay only interest during initial 3-5 years and thereafter in flexible EMIs. This variant of SBI home loan is very useful for young salaried between 21-45 years. SBI has also rationalised interest rate on Savings Bank Account to a flat 3 per cent. Commenting the on waiver, Rajnish Kumar, chairman, SBI said, “This announcement will bring in more smiles.

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A view of State Bank of India (SBI) bank branch and ATM in Bangalore, India. (file photo, source: Bloomberg)

India’s largest public-sector lender State Bank of India (SBI) on Wednesday scrapped the minimum balance requirement on all savings bank accounts.

This apart, the bank also rationalised interest rate on all savings bank accounts to a flat 3 per cent. The move is likely to impact around 44.51 crore account holders of the public sector lender.

Along with these measures, SBI said that it has also waived SMS charges, which will provide a significant relief to all its customers.

“Bank has also rationalised interest rate on SB Account to a flat 3 % p.a. for all buckets,” SBI said in a statement.

Till now, the interest rate on savings accounts was 3.25 per cent for deposits up to Rs 1 lakh, and 3 per cent for deposits above Rs 1 lakh.

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“The charges on maintaining AMB (Average Monthly Balance) are now waived off on all 44.51 crore SBI savings bank accounts,” the bank said.

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Customers of SBI had to maintain an average monthly balance of Rs 3,000, Rs 2,000 and Rs 1,000 in metro, semi-urban and rural areas respectively, failing which they used to levy a penalty of Rs 5 to Rs 15 plus taxes.

Earlier in the day, the bank also announced that it has reduced its marginal cost of fund-based lending rate (MCLR) by up to 15 basis points across various tenors, effective March 10.

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(with PTI inputs)