Minimum Balance in Savings Account 2024: This amount may vary depending on your account and banks. If you do not maintain the minimum balance in your account, then the bank charges you a penalty.
Minimum Balance in Savings Accounts: If you have a savings account in a bank, then most of the banks ask you to maintain a minimum balance in it. This amount may vary depending on your account and banks. If you do not maintain the minimum balance in your account, then the bank charges you a penalty. According to a recent report, during the last 5 years, public sector banks (PSU Banks) have collected Rs 8,495 crore as penalty from customers for not maintaining minimum balance. Government bank PNB has set a record in this matter by collecting a penalty of Rs 1,538 crore from its customers.
However, many banks are still collecting this charge from their customers. Let us know how much the major banks of the country are charging from the customers for not maintaining the minimum balance:
State Bank of India (SBI)
The country’s largest bank SBI (State Bank of India) stopped charging such charges a few years ago due to negative publicity. Since 2020, SBI Bank is not charging any charge for not maintaining the minimum monthly average balance.
ICICI Bank
The minimum monthly average balance (MAB) in this bank is Rs 5000. If this is not maintained, Rs 100 + 5% of the shortfall in the required MAB is charged as a penalty.
HDFC Bank
The average monthly balance for metro and urban areas in HDFC Bank is Rs 10,000, or a fixed deposit of Rs 1 lakh for one year and one day has to be kept. For semi-urban areas, it is mandatory to keep a fixed deposit of Rs 5,000 or Rs 50,000 for a period of 1 year and 1 day. If this amount is not maintained, 6% of the shortfall in the average balance or Rs 600 (whichever is less) is charged as penalty.
Axis Bank
Axis Bank charges a penalty of Rs 600 to Rs 50 in metro and urban areas, Rs 300 to Rs 50 in semi-urban areas and Rs 150 to Rs 75 in rural areas for not maintaining the minimum balance.
Punjab National Bank (PNB)
The penalty for not maintaining the minimum balance in the account is Rs 400 for rural areas, Rs 500 for semi-urban areas and Rs 600 for urban/metro. That is, the charges for not maintaining minimum balance are different depending on the places.
Yes Bank
No charge is levied for minimum balance in Yes Bank. That is, if the balance is less than or equal to 100% of the requirement, then no charge will be levied. If the balance is more than 50% of the required balance, then 5% charge of shortfall will be levied and if the balance is less than or equal to 50% of the required balance, then 10% of the shortfall will be levied. Or 5% charge for Savings Value Account.
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