Minimum Balance in Bank Account: Have you ever had to pay penalty for not maintaining minimum balance in bank account? You probably have the answer yes. If this is the case, then there will be no need to maintain minimum balance in the account if everything goes well in the future.

The limit for maintaining minimum balance in savings and current accounts of different banks varies. In the last days, during the campaign to open Jan-Dhan accounts towards the Centre, efforts were made that every citizen of the country should have a bank account. There is no compulsion to maintain minimum balance in Jan Dhan account.

Minister of State for Finance Bhagwant Kishanrao Karad has given an important statement regarding the maintenance of minimum balance in an independent account for the Board of Directors to decide to waive the penalty. He said that the board of directors of banks can take a decision to waive penalty on accounts that do not maintain minimum balance. Karad said in response to a question – Banks are independent bodies. Their board of directors can take a decision to waive the fine.

Let us tell you the question asked to Minister of State Karad, the media had asked Minister of State Karad about maintaining minimum balance. He was asked whether the Center is considering giving instructions to banks that no penalty should be imposed on accounts in which deposits fall below the minimum prescribed level.

Karad on a two-day visit to Jammu and Kashmir In fact, the Minister of State for Finance is on a two-day visit to the Union Territory to review the implementation of various financial schemes in Jammu and Kashmir. He said that the banks in Jammu and Kashmir have done a good job in the last few years. Also directed that they improve their performance on those standards.

The post Big news for SBI-HDFC-ICICI bankers, the hassle of maintaining minimum balance is over! first appeared on Rightsofemployees.com.