SBI Savings Account Now Availabe Without Minimum Balance Requirement
In a major development, the State Bank of India (SBI), the nation's largest lender, has removed the minimum balance requirement for its savings account. The move is set to benefit millions of account holders nationwide.
As per Pankaj Chaudhary, Minister of State for Finance, this step is taken to ensure financial inclusion and bring banking closer to the common people. "The minimum balance condition was a strong deterrent for numerous individuals, particularly those who belong to poor families, to open and keep a savings account," Chaudhary added.
With this shift, SBI customers will no longer need to concern themselves with holding a minimum balance in their savings accounts. Not only will this lighten the cost burden on account holders, but it will also motivate more individuals to open a savings account and begin saving.
The SBI has a massive branch and ATM network across India, and the decision is set to further expand its customer base. The bank has also pioneered digital banking by providing various online and mobile banking facilities to the customers.
This move by the SBI is viewed as a big leap in advancing financial inclusion and opening up banking to everyone. It is likely to benefit the entire banking industry as a whole and prompt other banks to take the cue.