SBI likely to lower minimum balance requirement to Rs 1000 in metros


Businesstoday reports:
Days after reports emerged that country's largest lender had collected Rs 1,771 crore in penalties by levying charges on non-maintenance of monthly minimum balance, the State Bank of India (SBI) is reportedly taking another look at its minimum balance requirement which currently stands at Rs 3,000 in urban areas. According to a report in The Times of India, SBI is planning to change the requirement from monthly average balance to quarterly average balance besides slashing the minimum balance requirement to around Rs 1,000 in metros.
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