SBI said in a statement that re-KYC (Know Your Customer) process is required to activate these accounts. The need for regular transactions in the account and preventing it from falling into the category of inactive accounts is the main message.

SBI Chairman C S Shetty emphasised the need to implement the re-KYC process in letter and spirit to keep PMJDY (Pradhan Mantri Jan Dhan Yojana) accounts active and enable customers to transact seamlessly. He urged bank representatives to use technology to bridge this gap and reach out to the end consumer, thereby improving customer experience.

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Every bank has different minimum balance limit, which customers have to maintain. If a customer does not maintain the minimum balance according to the account, then the bank charges a penalty from that customer.

State Bank of India has fixed the rule of minimum balance in its accounts according to the region. For rural areas, this limit is Rs 1,000. Semi-urban area customers will have to keep Rs 2,000 in their account. Whereas, in Metro City this limit is 3 thousand rupees.

Minimum balance rules for HDFC Bank account holders

The average minimum balance limit in HDFC Bank also depends on the residency. This limit is Rs 10,000 in cities, Rs 5,000 in semi-urban areas and Rs 2,500 in rural areas.

Minimum balance rules for ICICI Bank account holders

ICICI Bank has fixed the rule of minimum balance in its accounts according to the region. There is a limit of Rs 10,000 for urban areas, Rs 5,000 for semi-urban areas and Rs 2,500 for rural areas.

Board of banks can remove penalty from those who do not keep minimum balance

At present, you have to pay a fine for not maintaining the minimum balance in the bank account. But if everything goes well in the coming time, there will be no need to maintain minimum balance in the bank account.

In fact, Minister of State for Finance Bhagwat Kishanrao Karad had recently said that the Board of Directors of banks can decide to abolish the penalty on accounts that do not maintain minimum balance.

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The bank has told that even by mistake, do not keep your important information saved in the phone. Along with this, do not download any app through any unknown link. SBI has given a big update to 40 crore customers by tweeting.

SBI tweeted

SBI has written in its official tweet that we are alerting our customers from fraudsters. The bank has said that do not share your important and personal details with anyone. Along with this, do not click on any link received through any unknown source nor download any app.

We advise our customers to be alert of fraudsters and not to share any sensitive details online or download any app from an unknown source.#StaySafe #StaySecure #BeAlert #CyberSecurity #CyberSafety #SBIAapkeSaath pic.twitter.com/YyTEUGNSKR

— State Bank of India (@TheOfficialSBI) January 19, 2023

Do not share this number even by mistake

State Bank has said that do not share your DOB, debit card number, internet banking user ID-password, debit card PIN, CVV and OTP number with anyone. Along with this, do not keep these numbers saved in your phone as well.

Be careful of calls coming from these names, along with this, be careful of those calling in the name of SBI. At present fraud customers are calling in the name of SBI, RBI, Government Office, Police and KYC.

Do not click on any link and also do not download through the link received through mail or telephone call received in the name of any unknown person. Along with this, avoid clicking on the attachment found in the mail.

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There is news of work for 44 crore account holders of State Bank of India. State Bank of India is now offering higher interest rate on FD (SBI FD Rates) to its account holders. The bank has implemented its new rates from 13 August 2022. Let us tell you that SBI has decided to increase the interest rate on its FDs below Rs 2 crore. The bank has increased by 15 basis points on FDs of different tenors.

Generally, State Bank FD Rates Hiked is offering its customers an interest rate ranging from 2.90% to 5.65% on FDs ranging from 7 days to 10 years. On the other hand, senior citizens are being offered interest rates ranging from 3.40% to 6.45%. If you are also thinking of doing FD (FD Rates Hiked) in the bank, then we tell you how much interest rate is being available on FDs of different duration-

State Bank FD interest rate – (Deposit scheme of less than 2 crores)

• FD of 7 to 45 days – 2.90%
• FD of 46 to 179 days – 3.90%
• 180 days to 210 days FD – 4.55%
• 211 days to less than 1 year -4.60%
• 1 to 2 years – 5.45%
• 2 to 3 years – 5.60%
• 3 to 5 years -5.60%
• 5 to 10 years – 5.65%

Interest rate for senior citizens – (less than 2 crores)

• FD of 7 to 45 days – 3.40%
• FD of 46 to 179 days – 4.40%
• 180 days to 210 days FD-5.05%
• 211 days to less than 1 year-5.10%
• 1 to 2 years – 5.95%
• 2 to 3 years – 6.00%
• 3 to 5 years -6.10%
• 5 to 10 years – 6.45%

Repo rate increased to control inflation  
After the increase in the repo rate of RBI, many banks have increased their FD and savings bank account interest rates in the past. After the increase of 0.50 percent in the RBI Repo Rate, the repo rate is currently 5.40%. Earlier in the month of May and June also, the central bank has increased the repo rate. Since then, many banks have continuously increased their FD rates. To control inflation in the country, RBI has decided to increase the repo rate. Recently, banks like Axis Bank, IndusInd Bank etc. have increased their FD rates.

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Therefore, it is very important for you to know how much banks have fixed the minimum amount. Today we are telling you how much you should keep in your account at least so that you can avoid getting fined.

Minimum balance i.e. the minimum amount is called ‘Monthly Average Balance’ in the language of banking, meaning ‘monthly average amount’. This means that at least this amount should be in your account every single month, otherwise penalty will be imposed. This penalty ranges from Rs 5 to Rs 600. All the information given here is related to the savings account. These rules do not apply to current or other categories of account holders.

SBI(State Bank Of India)

SBI has fixed ‘Monthly Average Amount’ separately for urban and rural branches. The account holders of the metro city will have to keep at least Rs 3000 in their account.

Similarly, SBI account holders of urban areas will also have to keep a minimum balance of up to Rs 3000 in their account. If people of metro and urban areas deposit less than this amount in the account, then they can be fined from 10 to 15 rupees. GST is also added to this. In this way the penalty amount will increase further.

However, there is some relief for the account holders of semi-urban and rural areas. It is mandatory for semi-urban customers to keep 2000 rupees and village bank customers 1000 rupees in their accounts. Semi-urban account holders face a fine ranging from Rs 7.5 to Rs 12. GST is also added to this. At the same time, there is a fine of 5 to 10 rupees for the people of rural areas. Along with this, GST is also levied.

ICICI Bank

Private bank ICICI has fixed a minimum balance of Rs 10,000 for people in metro and urban areas. If you keep less money than this, then fine will be imposed. At the same time, the amount has been fixed up to Rs 5000 for semi-urban and Rs 2000 for rural. The fine of private banks is much higher than that of government banks.

If you do not maintain the minimum balance in ICICI Bank, you will have to pay a penalty of Rs 100 and add five percent of the amount that has fallen short in meeting the minimum balance. This penalty amount rule is the same for all types of branches of ICICI except Gramin Bank. For not maintaining the minimum balance in Gramin Bank, five percent of the amount that has fallen short in meeting the minimum balance will have to be paid as a penalty.

HDFC Bank

Like ICICI, the penalty amount in HDFC Bank is also very high. HDFC Bank has fixed a ‘monthly average amount’ i.e. minimum balance of Rs 10,000 for metro and urban area branches. At the same time, the amount of Rs 5000 and Rs 2,500 is fixed for semi-urban and rural branches. If you do not keep this much money in the account, then there are different types of fines.

In metro and urban areas, people who have balance between 7,500 to 10,000 in their account, then they will have to pay a fine of Rs 150 plus some tax. At the same time, those who have an amount from 5,000 to 7,500 in their account, they will have to pay a penalty of Rs 300 after adding some tax. Similarly, account holders of semi-urban area also have to pay a penalty of Rs 150 to 300 plus tax on the basis of reduction in minimum balance.

On the other hand, in rural areas, if someone has an amount from 1,000 to 2,500 in his account, then he will have to pay a fine of Rs 270 and adding tax. And if someone has less than 1,000 in his account, then a fine of 450 will have to be paid. This means that the worst effect will be on the poor.

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