Bank Account Holders Alert: Every bank has its own minimum balance limit and it is mandatory for the account holders to maintain that minimum balance. If the account holders are failed to do in that case, they have to pay a fine. It is noted that the minimum balance limit varies from bank to bank.
Maintaining a specific minimum balance in a bank account is mandatory for every customer. Failure to meet this requirement can result in the imposition of charges. The minimum balance criteria differ from one bank to another and are contingent on the bank’s location.
Zero Balance Account
Several banks now offer zero-balance savings accounts in order to address the growing demand for more accessible banking services. Now unlike the traditional practice of banks, the account holders are not required to maintain the minimum balance of the account. In this line, the Bank of Baroda provides the facility of Zero balance saving account which allow the account holder to conduct a transaction without maintaining a minimum balance.
SBI Minimum Balance
In a significant move (March 2020), SBI eliminated the Average Monthly Balance (AMB) requirement from its basic savings accounts. According to the SBI, the account holders must maintain an average monthly balance of Rs 3,000, Rs 2,000 or Rs 1,000 in their account, depending on the location and area of the bank whether, the bank is in metro cities, semi-urban places or rural regions.
HDFC Minimum Balance
HDFC also put the minimum balance limit of Rs 10,000 for saving accounts and fixed deposits of Rs 1 Lakh for a minimum duration of 1 year and 1 day for its urban account holders. For semi-urban customers, Rs 5000 are fixed for the saving account and Rs 50,000 were kept for the fixed deposit account for the minimum duration of 1 year. It is mandatory for rural customers to maintain Rs 2500 for a saving account and Rs 25,000 for fixed deposits for a 1-year, 1-day duration.
PNB Minimum Balance
PNB set the minimum balance for its rural customers at Rs 1000, Rs 2000 for its semi-urban customers and Rs 5,000 for urban customers and Rs 10,000 for Metro customers. Rural customers should pay Rs 400 for non-maintenance of the minimum balance. Semi-urban and Metro customers should pay Rs 600 for the non-maintenance of the minimum balance.
