Mumbai, Mar 11 (IANS): Country's largest lender State Bank of India on Wednesday said that it has decided to waive maintenance of 'Average Monthly Balance' requirements for all savings bank accounts.

According to the lender, the initiative will further boost the efforts to promote 'Financial Inclusion' in the country.

"The charges on maintaining AMB are now waived off on all 44.51 crore SBI savings bank accounts," the lender said in a statement.

"Currently 'SBI Savings Bank customers' needs to maintain an AMB of Rs 3,000, Rs 2,000 and Rs 1,000 in metro, semi urban and rural areas, respectively. Bank used to levy a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of AMB," the lender said in a statement.

"Keeping in mind 'Customers First' approach, the bank has also waived of SMS charges," the statement said.

This move, the bank said will bring significant relief to all the customers.

"Bank has also rationalised interest rate on SB Account to a flat 3 per cent p.a. for all buckets."

SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees.

It is also the largest mortgage lender in the country.