The minimum balance limit varies from different banks. Recently, Jan Dhan accounts were opened on behalf of the Central Government. There is no compulsion to maintain minimum balance in this type of account.

It may be that the decision to abolish the penalty for maintaining minimum balance has been made recently by the Minister of State for Finance, Bhagwant Karad. He said that the board of directors of banks can take a decision to abolish the penalty on the accounts of those who do not keep the minimum balance (minimum amount).

Karad said in response to a question that banks are completely independent bodies. The Board of Directors of banks may decide to abolish the penalty for non-maintenance of minimum balance.

Recently, the question related to maintaining the minimum balance of the account was asked from the Minister of State for Finance Karad by the media. The media had questioned whether the Center is considering ordering banks not to impose any penalty on accounts in which deposits fall below the minimum prescribed level.

On this, he said that this decision should be taken by the banks. If this decision is taken by the banks, then the customers of all big and small banks will get its benefit.

The post Account Minimum Balance Rules: The hassle of maintaining minimum balance in this bank’s account is over! first appeared on Rightsofemployees.com.