If the new rule is implemented, you will not be required to keep a minimum balance. A different minimum balance amount is set depending on the bank and account. If the minimum amount is not kept, there is a penalty that the account holder needs to pay. Read on for more details.
Big statement on minimum balance.
Bhagwant Kishanrao Karad, Minister of State for Finance, has made a significant announcement regarding keeping a minimum amount in the account. The penalty on the accounts of people who do not maintain the required balance might be eliminated, he suggested in an appeal to the bank's board of directors. Karad has claimed that banks are autonomous organizations. Therefore, the Board of Directors can waive the minimum penalty in certain circumstances.
The media questioned the Minister of State for Finance about keeping the minimum amount. Also, he was asked if the government was thinking about issuing bank instructions stating that no penalties should be applied to accounts when deposits go below the required minimum amount.