Minimum Balance in Bank Account: If you have ever been penalized for not maintaining balance in your bank account, then this news is useful for you. Yes, it is possible that in future you will not have to pay penalty if this happens.
You will not need to maintain minimum balance after the new rule is made. Different amount of minimum balance is fixed according to different bank and account. The account holder has to pay penalty for not maintaining the minimum balance.
Big statement on minimum balance
Minister of State for Finance Bhagwant Kishanrao Karad had given a big statement in the last days regarding maintaining minimum balance in the account. He appealed to the board of directors of the banks and said that they can take a decision to abolish the penalty on the accounts of those who do not keep the minimum balance. Karad had said that banks are independent bodies. In such a situation, the Board of Directors can waive the penalty for not keeping the minimum amount.
At that time, the media had questioned the Minister of State for Finance regarding maintaining the minimum amount. He was also asked whether the government is considering giving instructions to the banks that no penalty should be imposed on the accounts in which deposits go below the prescribed minimum level.
