Now Minimum balance is not needed in SBI accounts

Good news for the ones who have an SBI account as it isn’t any more mandatory for the account holders to have a minimum balance.
Initially, there was a rule that whether the person belonging to any background Metro, Rural and Semi-Urban they need to have an average monthly balance (AMB) of 3,000, 2000 and 1,000 Rs and further levying of 5% tax were there if the person isn’t maintaining a certain amount in their account.
This news was announced on March 11 that there is no requirement of having AMB for all savings account holder. From now people can enjoy the facility of Zero balance there won’t be a tension encircling around people’s mind.
Also announced that the interest rates were reduced from 3.25% to 3% and the MCLR also has been reduced which will cut the EMI on home loans, car loans.