New Delhi: The country's largest bank, State Bank of India, has given good news to all its customers on Wednesday, in which the bank has removed the requirement of average monthly balance on all types of savings bank accounts. It has been announced in a press release issued by the bank on 11 March. After this decision of SBI, 44.51 crore customers will get the direct benefit of this.

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At present, the savings bank customers of SBI have to maintain a balance of Rs 3,000, Rs 2,000 and Rs 1,000 respectively in the metro, semi-urban and rural areas. If a customer does not maintain balance, then a penalty ranging from Rs 5 to Rs 15 was charged by SBI as a penalty, but now such penalty will not be deducted.

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On the other hand, SBI on Wednesday has announced a huge cut in the interest rates based on the term deposits and the marginal cost of the fund at various maturities. The bank said that the new rates for home loans and fixed deposits will be effective from March 10. The bank has cut interest for the second time in a month. SBI has cut interest rates on retail term deposits (less than Rs 2 crore) from 0.10% to 0.50% for various maturity periods. The interest rate on term deposits maturing from seven days to 45 days will now be 4%, which was 4.50% earlier. The interest rate on deposits for a year and more has been reduced by 0.10%.

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