11 thoughts on “SBI waiver on minimum balance on savings account, tuning with the no frills deal!

  1. Yes, I agree to the point being made here regarding Financial inclusion. When 45% percent of population is below poverty line and living in rural areas, it does make sense to have no frills accounts for the people. However, the private sector banks following suit is a question, as they will look towards the profit perspective of such decisions.
    Keep posting 🙂

    • True Jay, the private banks would still be a question. But one good thing is having a nationalised bank do it may actually inspire the others to follow the suit, atleast I hope they would.. It sure would answer and cater to the many needs of the many people..

      Thank you for stopping by and your view on the topic Jay. appreciate it 🙂 ..

  2. ASHOK M VAISHNAV says:

    Let there be two classes of customers for every bank: One, who want the bare mandatory services of the bank, efficiently and user-friendly.Another, who would not mind paying a competitive extra for the additional services.
    At the end of the day, the first category of customers should not be subject to step-motherly treatment for the serives due to them.

    • True Ashok. I think the pvt banks would however still be reluctant to do that. But the move from SBI certainly seems a fair way ahead and bringing out the necessary balance. Hopefully the other banks would follow the suit soon 🙂

      • ASHOK M VAISHNAV says:

        It is time that Banks understand this as ONE most vital parameter of their long term strategy that will enable broadening their base, particularly in view of the imminent mobile banking as well as the economic progress of the semi-urban and rural areas.

      • Rightly said Ashok. From the long term view, this is the one solution which is feasible and also preferrable.

        I hope there would be some changes soon on this front and we get to see more in the right direction.

      • Pramod says:

        I’ve visited SBI, CUTTACK, ODISHA on 10th july. Still they are charging Rs500/ Rs1000 for opening of saving account. So what is the meaning of this declaration.

      • Well the savings accounts have the same starting rules. There is also an option to open a no frills account but I think they have a max amount u put in there limited to abt 7000.. The declaration now is after the initial account is done, the lowest u could go on the account is 50.. Coming to think of it, it would have been nicer if they made it 50 for the savings account to create one.. But I think their take might be that for a lower value they have the no frills and for a savings 50 is the worst case which happens with fewer number of people..

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