Is it true that SBI is reducing minimum deposit amount?Today I have read a news-item which states that SBI is going to reduce minimum deposit amount in savings bank account in metro cities. It is also reported that the penalty for not maintaining minimum deposit is also going to be reduced.
Members surely remember that some months ago SBI increased the minimum deposit amount in savings bank account to Rs. 5000/- (from Rs. 1000/-) in metro cities. The penalty for not maintaining minimum amount was also heftily increased. Now the present announcement is surely welcome.
I would like to know from when the new rule will be applicable. Knowledgeable Members may kindly indicate.