Minimum balance on savings accounts: Every bank has fixed its own minimum balance. This is the amount you have to keep in your account, and if the amount falls below this limit in any month, the bank charges a penalty from the customers.
Recently, most of the government banks have abolished the minimum balance limit on savings accounts. Earlier it was mandatory to keep a certain amount, but now customers have got relief from this hassle. However, these conditions are still applicable in many government banks.
What are the rules of which bank
One of the big private sector banks, ICICI Bank has changed the minimum balance conditions for savings account holders and has increased this limit to Rs 50,000 for branches in big cities from Rs 10,000 earlier. Similarly, the minimum balance in semi-urban branches has been increased to Rs 25,000, which was Rs 5,000 earlier, while in rural branches it has been increased to Rs 10,000, which was Rs 2,500 earlier. This rule has come into effect from August 1.
Actually, every bank has fixed the minimum balance according to its own. This is the amount you have to maintain in your account, and if the balance falls below this limit in any month, the bank charges a penalty on customers. Earlier, most public sector banks had a minimum balance requirement of Rs 1,000 to Rs 4,000 for urban areas, but now many banks, including Canara Bank, Bank of India and State Bank of India, have removed the minimum balance requirement on savings accounts.
However, this requirement is still applicable in private banks. The minimum balance for savings accounts in HDFC and Kotak Mahindra Bank is Rs 10,000, Bandhan Bank Rs 5,000 and Axis Bank Rs 12,000.
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