SBI Minimum Balance:
Banks provide many facilities to their customers on the savings account, but with these facilities, customers also have to follow some rules.
The most important thing is to maintain a minimum balance. Every bank has a different Minimum Balance Limit, which customers must keep.
Suppose a customer does not support the minimum balance according to the account. In that case, the bank charges a penalty from that customer.
State Bank of India (SBI Minimum Balance Rules) has fixed the minimum balance rule in its accounts according to the region. For rural areas, this limit is Rs 1,000.
Semi-urban area customers will have to keep Rs 2,000 in their accounts. Whereas, in Metro City, this limit is 3 thousand rupees.
Minimum balance rules for HDFC Bank account holders
The average minimum balance limit in HDFC Bank also depends on the residency.
This limit is Rs 10,000 in cities, Rs 5,000 in semi-urban areas and Rs 2,500 in rural areas.
Minimum balance rules for ICICI Bank account holders
ICICI Bank has fixed the minimum balance rule in its accounts according to the region.
There is a limit of Rs 10,000 for urban areas, Rs 5,000 for semi-urban areas and Rs 2,500 for rural areas.
The banks’ board can remove the penalty from those who do not keep a minimum balance
You have to pay a fine for not maintaining the minimum balance in the bank account. But if everything goes well in the coming time, there will be no need to maintain a minimum balance in the bank account.
Minister of State for Finance Bhagwat Kishanrao Karad recently said that banks’ Boards of Directors could decide to abolish the penalty on funds that do not maintain a minimum balance.
In response to a question, Karad had said in Srinagar, “Banks are independent bodies. Their board of directors can decide on waiving off the fine.”
