HDFC Bank, the country’s largest bank by market capitalisation, has clarified that it has not made any change in the average minimum balance (AMB) of savings accounts. Some recent reports had claimed that the limit has been increased to Rs 25,000 in urban areas, but the bank said this is incorrect.

According to the bank, the average minimum balance for a regular savings account will remain at Rs 10,000. For a Savings Max account, the limit will remain at Rs 25,000. HDFC Bank said that different types of savings account options are available across rural, semi-urban, urban and metro branches, depending on the needs and profile of the customers. The bank will give preference to Savings Max accounts for new account openers in metro cities.

ICICI Bank reduces balance limit

Meanwhile, following customer dissatisfaction, ICICI Bank has changed the rules of minimum account balance (MAB) of its savings account. Now this limit has been reduced from Rs 50,000 to Rs 15,000 in metro and urban areas. For semi-urban areas, it has been reduced from Rs 25,000 to Rs 7,500 and for rural areas, it has been reduced from Rs 10,000 to Rs 2,500. This decision will be applicable to accounts opened from August 1.

What is the Average Minimum Balance?

Average minimum balance is the amount that a bank asks its customers to maintain on average in their savings account every month. It is decided by the bank as to what amount account holders are required to maintain in their account so that the account can run smoothly and avail the services provided by the bank. If account holders fail to maintain this average minimum balance amount, the bank may impose a penalty or charge.

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After ICICI Bank, now HDFC Bank has also increased the limit for maintaining minimum balance in savings account. This rule will be applicable to all customers opening accounts after August 1, 2025. Under this, now on opening a new savings account, the customer will have to maintain a monthly minimum balance of Rs 25,000. If the amount in the account is less than this, a penalty will be imposed. Earlier the minimum balance limit was Rs 10,000.

This new rule has been implemented in all major metros and urban cities. However, it will not affect old accounts. Earlier, ICICI Bank had increased the minimum balance limit from Rs 10,000 to Rs 50,000. After protests, the bank has now reduced the limit to Rs 15,000.

SBI: Fee will be levied on IMPS transactions of more than Rs 25,000

SBI has decided to levy a fee on sending amounts more than Rs 25,000 online through Immediate Payment Service (IMPS). This change will be effective from August 15. Now, a fee of Rs 2 will be levied for sending Rs 25,000 to Rs 1 lakh, Rs 6 for sending Rs 1 to 2 lakh and Rs 10 (GST extra) for sending Rs 2 to 5 lakh.

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According to the press release of the bank, this decision will come into effect from the quarter ending in September 2025. Earlier, many big government banks of the country have abolished the charge for not maintaining minimum balance in savings account.

Union Bank said that this decision will give more and more people a chance to connect with banking services. After this decision, now the general savings account holders of the bank will not have to pay any kind of charge for not maintaining the minimum balance. The bank believes that this decision will help in making banking services accessible to more and more people and increasing economic equality. However, the bank has clarified that this exemption will not be applicable to all savings accounts. If your account is part of a special or customized savings account product, then this exemption will not be available there.

These banks have removed the penalty on minimum balance

State Bank of India (SBI)

State Bank of India ( SBI ) had already removed the minimum balance requirement from all its savings accounts in 2020. Under this policy, customers no longer have to face any penalty for low balance.

Canara Bank

Canara Bank also announced the removal of the average monthly balance requirement for all types of its savings accounts, such as regular savings accounts, salary accounts and NRI savings accounts, in May 2025. This initiative has further increased the popularity of the bank among customers as they now have the freedom to use their account without worrying about the minimum balance.

Bank Of Baroda

Bank of Baroda has also waived the charge for non-maintenance of minimum balance on all its standard savings accounts from July 1, 2025. However, keep in mind that this exemption will not apply to premium savings account schemes.

Indian Bank

Indian Bank has also completely abolished the minimum balance charge on all savings accounts. This facility has come into effect from 7 July 2025.

What is minimum average balance?

Minimum Average Balance (MAB) is the average amount that should be in your bank account every month. In simple words, the bank wants that there should always be some money in your account so that the account continues to run and it becomes easier for the bank to maintain it. The hassle of maintaining minimum balance will end. Direct benefit to rural and low-income group customers. More control and flexibility on savings. Digital transactions will be encouraged.

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Many big government banks of the country have abolished the charge for not maintaining the minimum balance in the savings account. Let us know which banks are providing this facility now and how to get its benefit.

Union Bank of India

Union Bank of India has announced that from the September 2025 quarter, there will be no charge for not maintaining the minimum balance on normal savings accounts. The bank has given this information in a press release. That is, even if your balance goes below the prescribed limit, money will not be deducted.

Bank Of Baroda

Bank of Baroda has also waived the charge for non-maintenance of minimum balance on all its standard savings accounts from July 1, 2025. However, keep in mind that this exemption will not apply to premium savings account schemes.

Indian Bank

Indian Bank has also completely abolished the minimum balance charge on all savings accounts. This facility has come into effect from 7 July 2025.

Canara Bank

Canara Bank had given this facility in May 2025 itself. Now there will be no penalty for not maintaining minimum balance on its regular savings account, salary account and NRI account.

State Bank of India (SBI)

SBI has already been at the forefront in this matter. From 2020 itself, SBI had abolished the condition of minimum balance on all savings accounts. That is, SBI account holders have been relieved of this tension for the last several years.

bank of india

Bank of India has also recently completely removed the penalty for not maintaining minimum balance on savings accounts. The bank says that this will provide more convenience to the customers and increase financial flexibility.

What is AMB?

AMB i.e. Average Monthly Balance is the minimum average balance that you have to maintain in your bank account every month. If the balance goes below this, till now banks used to charge a penalty. But now many banks are removing this condition, which will give great relief to the customers.

If you have a savings account in these banks, then now you do not have to worry about the balance every month. This change is especially beneficial for those who live in small towns or villages or whose income is limited.

The post No Need to Keep Minimum Balance in Savings Account, changed rules first appeared on Rightsofemployees.com.

Many new banking rules are being implemented by the Reserve Bank of India from April 1, 2025. So that the banking system can be made more strong, secure, easy for customers, and transparent. These new rules will affect the account holders of many public sector banks like SBI, PNB, Canara, HDFC.

Know what changes are happening in the top 5 rules related to SBI, PNB, Canara and other banks

1. Minimum balance requirements

• Minimum balance policies are being updated in other banks like SBI, Canara Bank, PNB Bank.
• From April 1, a higher minimum balance will have to be maintained in the savings account than before.
• The minimum balance required in the account may vary depending on the type of account and geographical location like urban, semi-urban or rural.
• If customers succeed in doing so, they may face penalties.

2. ATM withdrawal charges will be revised

• ATM transaction policies are also going to change from April 1.
• Higher fees may be levied for exceeding the prescribed number of free transactions.
• The number of free transactions will be reduced when using ATMs of other banks.
• Withdrawals beyond the number of free transactions will attract higher charges.
• Currently, many banks provide the benefit of free ATM withdrawals three to five times a month at their ATMs.
• Apart from this, withdrawal from ATMs of other banks can be done three times in a month.
• If this is done more than this, an additional charge of 20 to 25 rupees may be levied.

3. Changes in interest rates

• Public sector banks have revised the interest rates on savings accounts and fixed deposits.
• Interest rates on savings accounts will now be charged at different percentages depending on the account balance.
• To attract more long term investments, interest rates on fixed deposits have also been changed.

4. Expansion of digital banking facilities

• To bring about digital revolution, banks are upgrading the online and mobile banking services being provided to the customers.
• Many banks are using AI chatbots to answer customer queries.
• To make digital transactions more secure, features like biometric authentication and two-factor verification are being strengthened.
• Many new features will be added to online and mobile banking from April 1.

5. Introduction of Positive Pay System

• To increase the security of transactions, Positive Pay System is being introduced, in which cheque will be mandatory for payments above Rs 50,000.
• In this, customers will have to verify the check details before making the deposit, which can reduce the risk of fraud and errors.
• There is more transparency in payments made through cheques.

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The post New Bank Rules From 1st April 2025: ATM Fees, Minimum Balance Among 5 Key Changes first appeared on Rightsofemployees.com.

Kotak Mahindra Bank has revised the charges on many services related to its salary and savings account. These charges have been updated for minimum balance in savings account, free transaction limit, ATM transaction limit, standing instruction failure limit and checkbook limit. This revision is part of the bank general schedule and general list of charges. Kotak Mahindra Bank has given information about all these revised charges on its website.

Also Read: Air India increased the salary of employees by Rs 15000, announced an annual bonus of Rs 180000

Kotak Bank has revised these charges

Change in rules for average balance amount

Everyday Saving Account

Metro and Urban: Reduced from ₹20,000 to ₹15,000

Semi-urban: Reduced from ₹10,000 to ₹5,000

Rural: Reduced from ₹5,000 to ₹2,500.

Sankalp Savings Account:

Semi Urban and Rural: Remains ₹2,500.

Free cash transaction limit:

Daily Savings Account, Salary Account, Pro Savings, Classic Savings Account

It has now been reduced from 10 transactions or ₹5 lakh to 5 free transactions or ₹2 lakh per month.

Privy Neon/Maxima Program: Now limited to 7 free transactions or Rs 5 lakh.

Solo Savings Account: Reduced from 2 transactions or ₹1 lakh to 1 free transaction or ₹10,000 per month.

ATM Transaction Limit:

Everyday Savings, Classic Savings, Pro Savings, Ace Savings and Privy Programs:

Kotak ATM: 7 free transactions per month.

Other Bank ATMs: 7 free transactions per month.

Maximum 30 free transactions per month combined for Kotak and other bank ATMs.

Daily Salary and Edge Salary Account:

Kotak ATM: 10 free transactions per month.

Other Bank ATMs: No change, unlimited free transactions.

Transaction Failure Fees:

A new charge of ₹200 per instance has been introduced for all Savings and Salary plans.

Cheque Book Limit:

Single Savings Account: The number of free cheque book pages has been reduced from 25 per annum to 5 per annum.

Transaction Charges

Fund Transfer (IMPS/NEFT/RTGS): Charges will be applicable after 5 free transactions per month.

Transaction Fail Charges:

Debit Card/ATM Usage Charges: Increased from ₹20 to ₹25 per transaction in case of transaction failure due to insufficient balance.

ECS/Cheque issued and then returned:

The fee has been increased from ₹150 to ₹250.

The post Bank customers Alert! Bank has revised the charges on many services related to its salary and savings account first appeared on Rightsofemployees.com.

Reserve Bank of India (RBI) has made major changes regarding minimum balance in accounts. If you are not using a bank account then you will not have to pay minimum balance charge. RBI said that banks cannot impose penalty for non-maintenance of minimum balance on those accounts which have become inactive. This includes those accounts in which no transaction has been done for more than 2 years. This new rule will come into effect from April 1.

What else is there in the new rules of RBI-

RBI also said that banks cannot classify accounts opened to receive scholarships or direct benefit transfers as inoperative. Even if these accounts have not been used for more than two years. RBI has issued a circular for inoperative accounts. Through which instructions have been given to the banks.

RBI said in its circular that these instructions seek to reduce unclaimed deposits in the banking system and return such amounts to their rightful claimants.

How to contact Custer Bank-

According to the new rule of RBI, banks will have to inform the customers about their accounts being deactivated through SMS, letter or mail. In this circular, banks have also been told that if the owner of a dormant account does not respond, then the banks should contact the person who introduced the account holder or the nominee of the account holder.

No charge for activating account-

According to the new circular of RBI, banks are not allowed to impose penalty for not maintaining minimum balance in deactivated accounts. As per the rules, no charge will be taken for activating inactive accounts.

According to the latest report of RBI, there has been an increase of 28 percent in unclaimed deposits by March 2023 and it has reached Rs 42272 crore. Banks will transfer the balance of those deposit accounts which have not been operated for 10 years or more to the Depositor and Education Awareness Fund of RBI.

Earlier, RBI had directed banks to ensure that the balance in the accounts does not become negative due to penalty charges for not maintaining minimum balance. Even after this, many banks continue to impose penalty.

The post Minimum Balance : RBI has made new rules regarding minimum balance in bank account, will be applicable from 1st. first appeared on Rightsofemployees.com.

In today’s time, every person has a bank. Actually, there are two types of bank accounts, one is current account and the other is saving account. Many people do not maintain minimum balance in their savings account. It is very important to maintain minimum balance in the bank account.

If a person does not maintain the minimum balance in his savings account, he may have to pay a fine. The minimum balance limit of all banks is different. In such a situation, the question often arises that if the account holder has a zero balance account, do they also have to maintain minimum balance?

Zero balance account –
You can open a zero balance account in many banks. In this, the customer is not required to maintain minimum balance. According to the official website of Bank of Baroda, if a person has opened a zero balance account then he is not required to maintain minimum balance. In such a situation, bank holders can do free transactions. Apart from this, there is no transaction in zero balance.

Whereas customers who do not have a zero balance account have to maintain minimum balance in their account. Come, let us know what is the minimum balance criteria of which bank in the country.

State Bank of India-
SBI Bank has recently abolished the monthly minimum balance in savings account. Before this, bank customers had to keep Rs 3,000, Rs 2,000 or Rs 1,000 in their account.

HDFC bank-
HDFC Bank customer has to maintain minimum balance in the savings account. The minimum balance criteria in the city is Rs 10,000. Whereas in semi-urban branch this limit is Rs 2500.

ICICI Bank-
There is a need to maintain minimum balance in the savings account in ICICI Bank also. The customer has to keep at least Rs 10,000 in his account. Whereas account holders of semi-urban branches have to maintain a minimum balance of Rs 5,000.

Canara Bank-
A Canra Bank customer also has to keep at least Rs 2,000 in his account every month. Bank account holders in semi-urban areas have to maintain a balance of Rs 1,000 and account holders in rural areas have to maintain a balance of Rs 500.

Punjab National Bank-

Punjab National Bank (PNB) customers have to maintain a balance of Rs 10,000, semi-urban customers have to maintain a balance of Rs 2,000 and rural area customers have to maintain a balance of Rs 1,000.

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The Reserve Bank has told the banks that the rule of minimum balance cannot be applied on those bank accounts in which no transaction has taken place for two years. Also, accounts opened for scholarship and direct benefit transfer (DBT) will also not be deactivated. Even if there has been no transaction in them for two years. These new rules will be implemented from April 1.

RBI issued a circular

According to the report of Times of India, RBI has issued a circular in this regard. Under the new rules of RBI, banks will have to inform customers about account deactivation. RBI is making every effort to reduce the money lying idle in the banks. This circular is also a part of this effort.

Information will have to be given through SMS, letter or email.

Under the new rules, banks will have to inform customers about deactivation of their accounts through SMS, letter or email. Banks have also been told that if there is no response from the owner of an inactive account, then the guarantor will have to be contacted. A guarantor is required while opening a new account.

No fee will be charged for activating the account

As per rules, banks are not allowed to levy penal charges for non-maintenance of minimum balance in any account designated as inoperative account. No charges will be levied for activating inactive accounts. According to RBI, unclaimed deposits increased by 28 percent to Rs 42,272 crore by the end of March 2023, which was Rs 32,934 crore a year ago.

RBI will get money from accounts closed for 10 years

Any balance in deposit accounts which has not been operated for 10 years or more. Banks are required to transfer money to the Depositors and Education Awareness Fund created by RBI.

The post RBI: Banks will not be able to impose minimum balance charge if there is no money in inactive or inoperative account first appeared on Rightsofemployees.com.

At present, many people have more than one bank account. If you also have more than one bank account, then this is important news for you. How many bank accounts can you open in India? Please tell that there is no limit in the number of opening bank accounts. Customer can open 2, 3, 4, 5 any number of bank accounts. The Reserve Bank of India (RBI) has not fixed any limit on the number of bank accounts.

You can manage multiple savings accounts with multiple banks without any hassle. Also, if you can meet the requirement of maintaining minimum account balance, then you do not have to worry.

Minimum balance has to be maintained

Now except salary account minimum balance has to be maintained in almost every bank savings account. If you do not do this then the charge will be deducted from your bank account. If you do not maintain the minimum balance even after deducting the charge, then your bank account becomes negative.

Many types of bank accounts can be opened;

On behalf of the bank, customers are given the facility to open many types of accounts. You can open a salary account, current account, savings account or joint account as per your convenience. Most of the customers open a savings account. You also get the benefit of interest on this account. This is a basic bank account.

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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.

The post PNB-ICICI-HDFC bank customers Alert! Government’s big statement on minimum balance in bank account, check details first appeared on Rightsofemployees.com.

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.

The post Big news for PNB-ICICI-HDFC bank customers! Government’s big statement on minimum balance in bank account first appeared on Rightsofemployees.com.

If the earning person is a salaried individual, it is better to have a single savings bank account than multiple savings accounts. Maintaining a bank account is easy and when you file your income tax return, your job becomes easier as most of your banking details are available in the same bank account.

But apart from convenience, if you have a savings bank account then there are some monetary benefits as well as you will be paying bank service charges on debit card AMC, SMS service charges, minimum balance etc.

As per RBI rule, it is better to have a single bank account as it becomes easier to maintain minimum balance and avoid paying bank service charges like debit card AMC, SMS. If a person is salaried, having a single savings account makes it easier for the earning person while filing income tax returns.

Possibility of forgery

Having more than one bank account is likely to mean an inoperative account, which is most prone to fraud. This happens when a salaried individual changes job from one company to another leaving the salary account. In such a case the salary account becomes inoperative and as stated earlier, such accounts are most prone to fraud.

Threat to CIBIL Score

Having more than one account can be a problem in managing your bank account with the proper minimum balance. In such a case, a default can lead to a penalty which is directly related to your CIBIL rating.

Multiplication of Service Fee

Having a bank account attracts various service charges like SMS alert service charges, debit card AMC, etc. If you have a single bank savings account, you will have to make a one-time payment while in case of multiple banks, the service charge for the savings account is doubled.

Hold on your investment

There is also a requirement of maintaining a minimum balance in order to have a bank savings account. If you have multiple banks then there is a possibility of getting a huge amount stuck in your savings bank account. These days, private banks are asking for a minimum balance of Rs 20,000 and if you have three such bank accounts in three different banks, your Rs 40,000 will get stuck in maintaining the minimum balance of two additional bank savings accounts and investing will not be able to do.

This additional Rs 40,000 can be used for investment purpose and a return of 8 per cent can be earned on the same as debt funds attract at least 8 per cent in short term investments. But, in a bank savings deposit one would get around 4-05 per cent, which is almost half of what one earns through investing in debt funds.

Income tax fraud

Interest up to Rs 10,000 in a bank savings account is tax exempt and hence TDS is deducted. So, unless you are getting interest of Rs 10,000 in your bank savings account, your bank will not deduct TDS, it may happen that your bank has not deducted TDS like in your single bank account.

10,000 is not the interest earned in a financial year, but after adding the entire interest in all your savings account, it may cross Rs.10,000, making you liable to deduct TDS. In such a situation, you will have to give this information to the Income Tax Department during ITR filing. Failure to do so would result in income tax fraud, which was done unknowingly.

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It is necessary to maintain  minimum balance (average monthly balance – AMB) in every bank’s savings account. The bank deducts charges on your savings account for non-maintenance of minimum balance. Here you are being told how much minimum balance you have to maintain in some banks.

State Bank of India (SBI)

The AMB requirement in SBI’s Basic Savings Account was spent in March 2020. Prior to this revision, SBI account holders in a metro area, semi-urban area and rural area had to maintain a monthly balance of Rs 3,000, Rs 2,000 or Rs 1,000 respectively. For non-fulfillment, a fine of between Rs 5 and Rs 15 was imposed every month.

HDFC bank

Savings account customers with HDFC Bank are required to maintain an average monthly balance of Rs 10,000 in urban areas and metro cities. In semi urban this limit is Rs 5,000. In rural areas, customers are required to maintain an average balance of Rs 2,500 in a savings account. Penalty is applicable for non-maintenance of the minimum amount.

ICICI Bank

Savings account customers with ICICI Bank are required to maintain an average monthly balance of Rs 10,000 in urban areas and metro cities. In semi-urban cities, this limit is Rs 5,000. In rural areas, customers are required to maintain an average balance of Rs 500 in a savings account. Penalty is applicable for non-maintenance of the minimum amount.

Punjab National Bank

Savings account holders are required to maintain a balance of Rs 20,000 on a quarterly basis in Punjab National Bank branches in urban areas. 1,000 in semi-urban areas and Rs 500 in rural areas.

Kotak Mahindra Bank

Kotak Mahindra Bank savings account holders need to maintain an average monthly balance of Rs 10,000 in metro areas and Rs 5,000 in non-metro areas. If the minimum balance is not maintained, there will be a charge of 6% per month.

The post Bank Account Minimum Balance: This much balance has to be kept in the savings account of SBI, HDFC, ICICI bank, check details first appeared on Rightsofemployees.com.

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.

The post Bank Account Customers Alert! Government issued a big statement on minimum balance in bank account first appeared on Rightsofemployees.com.

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.

The post Big news for PNB-ICICI-HDFC bank customers! Government’s big statement on minimum balance in bank account first appeared on Rightsofemployees.com.

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.

The post Big news for PNB-ICICI-HDFC bank customers! Government’s big statement on minimum balance in bank account first appeared on Rightsofemployees.com.

Canara Bank has informed that all these changes will come into effect from February 3, 2023. If you are a Canara Bank customer then you will get Check Return, ATM Money Transaction, Fund Transfer, Internet Mobile Banking, Online Fund Transfer You will have to pay new fees for works like ECS debit return, name change and address change etc.

Now the fee will have to be paid on check return

Let us tell you that the customers of Canara Bank will have to pay a new fee on a total of 9 services of the bank. This also includes the fee charged on check return. If a customer’s check is returned due to any technical reason, then in such a situation, no fee will be charged from him, but if your check is returned due to any change, then you will have to pay a fee for it. If the check of less than Rs 1,000 is returned, then you will have to pay Rs 200 as a fee. At the same time, you will have to pay a fee of Rs 300 on a check of Rs 1,000 to Rs 10 lakh.

Bank changed the rule of minimum balance

Along with this, Canara Bank has made changes regarding the minimum balance of the bank. If you do not keep a certain amount in the account, then you will have to pay penalty on it. It will be different according to each area. In rural areas, you will have to maintain a minimum balance of Rs.500. At the same time, it is necessary to maintain a minimum balance of Rs 1,000 in semi-urban areas and Rs 2,000 in big ie metro cities. If you do not maintain the minimum balance according to your area, then you may be fined from Rs 25 to Rs 45 by the bank.

This fee will have to be paid for changing the name

Canara Bank customers will also have to pay a fee for adding or removing names from their accounts. For this, you will have to take 100 rupees as fees and GST. Keep in mind that you will have to pay this fee when you change your name by going to the bank branch. At the same time, the name will have to be changed online. On the other hand, if the joint account holder of an account holder dies, then in such a situation, you will not have to pay any kind of fee for deleting the name.

At the same time, you will not have to pay any kind of fee for changing email, address, mobile number. At the same time, no fee will have to be paid for withdrawing money from the ATM 4 times. At the same time, from the 5th time you will have to pay Rs 5 as fee and GST separately.

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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.

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RBI has not issued any limit, let us tell you that no limit has been fixed by the Reserve Bank for opening the account. The customer can open 2, 4 or 5 any number of accounts. No limit has been issued by RBI.

There are many problems in keeping multiple accounts. Along with opening a bank account, you have to maintain its minimum balance. Apart from this, you have to manage many other types of facilities.

If you keep more than one account, then you have to pay many charges including its maintenance charge, credit and debit card charges, service charge . So if you keep an account in only one bank, then you will have to pay the charges of only one bank.

Sometimes the penalty has to be paid, the minimum balance in many banks is 5000 and in many banks it is 10,000. If you keep the balance less than this, then you have to pay penalty, which directly affects your CIBIL score.

You have to fill the form RBI has told that you should close your unnecessary accounts, so that you do not have to face such trouble. Let us tell you that to close the account, you have to fill a D-Link form. You get the account closure form from the branch of the bank, after filling it and submitting your account gets closed.

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This gives the benefit of the offers of all banks. Also, if one bank comes to a standstill, then there is no fear of drowning all the money. However, there is also the disadvantage of having more accounts in more than one bank. If all the accounts are not maintained properly then penalty has to be paid. In such a situation people also close their accounts. If you are also among such people who are going to close the savings account, then definitely keep some special things in mind.

1-Keep a record of the bank statement

First check the balance of the account you want to close. Check balance, download statement and keep statement records of last 2-3 years with you. This will come in handy for future reference. If money has been transferred to an account and the information is needed later, then only the record of the statement will be useful. This statement will also be useful in filing income tax return.

2- Pay the service charge remaining

If your account balance is negative, then the bank will not allow the closure of the account. Negative balance happens because you have not kept the minimum balance in the account. There will be no service charge or fees remaining. Account being negative means your credit score will also be bad. To avoid this, first of all pay the service charge etc., only then close the account.

3-Standing instruction and automated clearance

If there is any EMI running on the savings account, bills and monthly subscription, then cancel such standing instruction first. If automated clearance is linked to the savings account, then cancel that too first. Closing the account without canceling may result in missed payment cycle. With this your credit report will go negative.

4-Account Closure Charge

Many banks charge account closure charges from customers. This charge is levied only for a specified period from the date of account opening. Normally any bank account levies a closure charge if it is closed within one year from the date of opening. If you want to avoid this charge, then you should avoid closing the account for 1 year from the date of opening.

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One such scheme is Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojna- SSY). This scheme has been made to shape the future of the daughters of the country. If you also want to invest for your daughter’s marriage or her good education, then investing in Sukanya Samriddhi Yojana is a good option.

You can start investing with just Rs.250

Under this scheme, the guardian or parents of a girl child of 10 years or less can open an account. The cost of investment is also very less in this. One can start investing with just Rs.250. Up to a maximum of Rs 1.50 lakh can be deposited under this scheme.

How much interest

The interest in this scheme is also better than other schemes. At present, interest is being given in this scheme at the rate of 7.6 per cent per annum. If the maximum investment limit is Rs 1.50 lakh as the base, then monthly you have to pay Rs 12500 in this scheme.

If the same interest rate remains the same, then after investing continuously for 14 years, your total principal amount becomes Rs 22.50 lakh. On maturity, you can get Rs 63.65 lakh. In this way you got a profit of Rs 41.15 lakh. Tax exemption benefits are also available in this scheme.

what is maturity period Although the maturity period of this scheme is 21 years, but money has to be deposited in it only for 14 years. Interest continues to accrue for the rest of the year. The amount of money you invest in this scheme, you will get almost 3 times the return on maturity. The maximum amount that can be raised through this scheme at the current interest rates is Rs 63.50 lakh.

keep these things in mind In Sukanya Samriddhi Yojna (SSY), interest is paid only on the minimum balance available between the 5th and the last date of every month. This means that if you do not invest money in it before or before the 5th of the month, you will not get interest for that month. Let us tell you that the calculation of interest in the scheme is done on a monthly basis, but the entire interest is credited only on March 31, the last day of the financial year.

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Many great facilities are given to the customers on behalf of the nationalized banks on opening the account. But to take advantage of these facilities, you also have to take care of some rules and regulations.

It is necessary to maintain minimum average balance-

After opening an account in any bank, it is necessary that you must maintain a minimum average balance in your account. Under the minimum average balance, the balance fixed by the bank has to be maintained in the account.

If you are not able to maintain this balance then penalty is charged by the bank. Every bank sets an average limit, the customer is always required to keep money in the account up to that limit.

The limits of some banks are the same-

Banks have their own fixed average minimum balance. However, some banks have the same limit while some have different. Here today we will tell you about the minimum balance of the country’s giant banks SBI, ICICI Bank and HDFC Bank.

How much balance is required to be maintained in SBI?

What is the minimum balance to be kept in the savings account of State Bank of India (SBI), it depends on where you live. The minimum limit in the account of SBI is from one thousand rupees to three thousand rupees according to the city. For rural areas, this is Rs 1,000, if you have an account in a semi-urban area branch, then you need to keep Rs 2,000 in your account. Apart from this, in metro city this limit is Rs 3,000.

Average minimum balance in the account for HDFC-

The average minimum balance limit in HDFC depends on your residency. In cities, this limit is Rs 10,000. At the same time, there is a limit of Rs 5,000 in semi-urban areas and Rs 2,500 in rural areas.

ICICI Bank limit-

In the account of ICICI Bank, the same minimum balance has to be maintained as HDFC. Here it is necessary to maintain a limit of Rs 10,000 for urban area account holder, Rs 5,000 for semi-urban and Rs 2,500 for rural area.

The rule of minimum balance is not applicable in some special bank accounts. Such bank accounts include accounts linked to the Pradhan Mantri Jan Dhan Yojana, basic savings bank deposit accounts, savings accounts of pensioners, salary accounts and savings accounts of minors.

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It depends on the location of the customers that how much money they have to keep in the account as a minimum. Location means here urban, metro, semi-urban and rural area. If you do not pay attention to the AMB and it will decrease then you may have to pay a fee to the bank. Some banks offer zero-balance savings account facility to the customers.

Let us tell you about the average monthly average of some major banks in the country. First of all, let’s talk about India’s largest public sector bank State Bank of India i.e. SBI. SBI has removed the condition of AMB on its basic savings accounts in March 2020. SBI account holders were earlier required to keep Rs 3000, Rs 2000 and Rs 1000 in their accounts, depending on the location of their branch in metro, semi-urban and rural areas. If you failed to maintain the AMB, the bank used to levy a penalty on you.

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