Currently, failing to maintain the required minimum amount in your bank account results in a fee. Banks offer their customers several services related to savings accounts, but in addition to these services, customers must follow certain laws. Therefore, it is important to keep a minimum balance.
Customers must maintain a minimum amount depending on the bank. The bank assesses a penalty to the customer if the account option does not keep the minimum balance.
The State Bank of India (SBI Minimum Balance Rules) has established a minimum balance requirement in each account. The limit for rural areas is Rs 1,000. Customers in semi-urban areas must keep Rs 2,000 in their accounts. In Metro City, however, the limit is set at 3,000 rupees.
Minimum balance rules for account holders of HDFC Bank.
The HDFC Bank's standard minimum balance limit is also based on residency. In cities, this limit is set at Rs. 10,000, in semi-urban areas at Rs. 5,000, and in rural regions at Rs. 2,500.
Minimum balance rules for account holders of ICICI Bank.
>> For urban areas, the limit is Rs 10,000; for semi-urban areas, Rs 5,000; and for rural areas, Rs 2,500.
>> Those who fail to maintain the required amount may have their penalties removed by the banks' board.
>> Failing to maintain the required minimum amount in your bank account results in a fee. However, there won't be a requirement to maintain a minimum level in the bank account if things go according to plan shortly.
>> Bhagwat Kishanrao Karad, the minister of state for finance, recently stated that the bank's board of directors could eliminate the fine for accounts that don't keep a minimum level. In Srinagar, Karad had responded to a query by saying, "Banks are independent organizations. The decision to waive the fine is up to the board of directors.