State Bank of India aka SBI has cut the interest rate on all savings bank accounts to three percent and also waived minimum balance requirement. Earlier in the day, SBI reduced its fixed deposit rates and marginal cost of funds-based lending rates for various tenors.
"The decision by @TheOfficialSBI to remove minimum balance requirement in its savings accounts will immensely middle class and poor and improve ease of living," Finance Minister Nirmala Sitharaman said in a tweet.
Private sector lender ICICI Bank on its website said the savings account interest rate is 3.5% for end of day account balance of below Rs 50 lakh, and 4% for balance of Rs 50 lakh and above. Several private sector lenders have minimum balance requirements of at least Rs 10,000.
Keeping in mind the "Customers First" approach, the bank said it has also waived SMS charges, which will bring significant relief to all the customers. "Bank has also rationalised interest rate on savings bank accounts to a flat 3% p.a. for all buckets," it said in a statement.
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