CURRENT AFFAIRS

Detailed explanation-1: -SBI, the country’s largest bank, on Wednesday announced a waiver on maintaining the average minimum balance (AMB) requirement for all savings bank accounts.

Detailed explanation-2: -Axis Bank’s Basic Savings Account brings you the best-in-class banking services, without the need for any minimum balance requirement. The benefits of the Basic Savings Account include free cash deposits, convenient banking with access to multiple branches & ATMs across India and Internet & Mobile Banking services.

Detailed explanation-3: -Special Feature. Kotak Mahindra Bank has introduced three kinds of zero balance accounts out of which Kotak 811 Full KYC account is the most useful as it provides a cheque book and a debit card (if required by paying INR 199) and a free digital debit card. Facility of NEFT, IMPS, RTGS available without any charge.

Detailed explanation-4: -In March this year, SBI had announced that it will waive charges for non-maintenance of average monthly balance (AMB) for all savings bank accounts. Earlier, SBI savings bank customers had to maintain average monthly balance of ₹3000, ₹2000 and ₹1000 in metro, semi urban and rural areas respectively.

Detailed explanation-5: -It is Rs.500 for non-cheque operated account and Rs.1000 for cheque operated account in other branches.