Minimum Balance Rules: Customers have to follow some rules when opening a savings account in the bank. Maintaining minimum balance is an important rule in this.
Saving Account Minimum Balance: Every bank advises customers to maintain minimum balance on their savings account. If you have a zero balance savings account, then you do not have to pay any penalty for not keeping the minimum amount in the account. At the same time, it is necessary for every customer to maintain minimum balance in the common savings account.
Banks impose penalty for not maintaining minimum balance in the account. This penalty varies from bank to bank. We are telling you about the penalty for not maintaining minimum balance in top banks.
The rule of average monthly balance on the basic savings account of State Bank of India customers has been abolished. Before this, the customer is required to keep an amount ranging from Rs 3000 to Rs 1000 depending on the city and village.
According to the website of HDFC Bank, it is necessary for customers in urban areas to have an FD of at least Rs 10,000 or Rs 1 lakh. Apart from this, you will have to maintain a monthly average balance of at least Rs 5,000. In semi-urban areas, it is necessary to have a quarterly balance of Rs 2,500 or FD of Rs 25,000.
The average minimum balance amount in the regular savings account of ICICI Bank has been fixed at Rs 10,000. It is necessary to maintain a minimum balance of Rs 5,000 in urban branches and Rs 2,000 in rural branches.
In PNB, it is necessary to maintain a balance of Rs 5,000 to 10,000 in metro cities, Rs 2,000 in semi-urban and at least Rs 1,000 in rural areas.
In Canara Bank, it is necessary to maintain an average minimum balance of Rs 500 in rural areas, Rs 1,000 in SEBI Urban and Rs 2,000 in metro cities.
