No Need to Keep Minimum Balance in Savings Accounts, Modi Government’s Big Announcement

New Delhi : Amid Coronavirus crisis, the Modi government has made a big announcement about saving accounts. In fact, to give relief to the common man, the country’s Finance Minister Nirmala Sitharaman has announced a complete exemption from minimum balance charge for saving bank account. After which now the hassle of keeping minimum balance in bank account will be over.

Today the Finance Minister addressed the media through video conferencing. During this time, Minister of State for Finance Anurag Thakur was also present with her. While Sitharaman addressed the media in English, Anurag Thakur repeated her words in Hindi. Also, Minister of State for Finance Anurag Thakur has said that the Insolvency and Bankruptcy Code has increased the default limit from Rs 1 lakh to Rs 1 crore. It will be announced soon.

Here, State Bank of India (SBI) has also given a big gift to its customers. SBI has removed the requirement of average monthly balance on all types of savings accounts. Which will benefit 44.51 crore customers. Also, in another important decision, SBI rationalized its interest rate on savings bank accounts to a flat 3 per cent per annum.