Minimum Balance For Savings Account
Minimum Balance: Minimum Balance: There are usually many offers available to those who have a bank account. Loans will come. Savings balance earns interest. There will be financial security. There are many conveniences like this. But in the same order, those who have a bank savings account have to maintain a minimum balance. It varies from bank to bank. Let’s find out the details.
Many facilities are available to those who have a savings account in the bank. Essentially money has financial security. Financial loans are available. Also interest rate is given on bank balance. In the same order, those who have a bank account should definitely remember to maintain the balance in it. Ensure that the savings account has a minimum balance. If the minimum amount of cash is not in the account.. Banks will also impose a penalty on this. But it varies from bank to bank. Which Banks Mandatory Minimum Balance? How accurate should it be? Let’s find out now.
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If you do not maintain this amount of balance in the bank savings account on an average in a month.. Banks impose huge fines. Most of the private and public sector banks are no exception to this. And these penalties are more or less depending on the location of the bank and the maintenance of the bank balance.
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First of all let’s know how the regulations are in the giant banks, the largest public sector bank.. State Bank of India, the largest private bank HDFC, ICICI.
- Customers with SBI Savings Account.. even if they do not maintain the minimum bank balance. The largest bank is providing this facility to them. This decision came into effect from August 2020.
- HDFC Bank charges service and transaction charges based on AMB (Average Monthly Balance). But the minimum balance in this bank has to be exact. If it is in rural branches, it may be Rs.2500 or Rs.25 thousand fixed deposit. In semi-urban branches, Rs. 5000 and in metro branches, up to Rs. 10 thousand have to be maintained.
- Savings account customers with ICICI Bank account will have to maintain at least Rs.2 thousand to Rs.10 thousand in their account. It should have a minimum balance of Rs.2000 in rural areas, Rs.5000 in semi-urban areas and Rs.10 thousand in metro areas.
will collapse and when it comes to other banks, the average monthly balance in Citibank should be up to Rs.2 lakhs. DBS Bank should have between Rs.10-25 thousand. IDBI Bank also says to maintain a minimum balance. It should be Rs.500 to Rs.5 thousand.
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In Bank Of Maharashtra.. also Average Monthly Balance (AMB) should be between Rs.500 to Rs.2 thousand. The same should be the case in Bank of Baroda and Punjab National Bank. When it comes to Bank of India, Rs.500 to Rs.1000 is required. Same amount should be in Canara Bank.
Union Bank customers should have a quarterly average balance of Rs.250 to Rs.1000. Average monthly balance in Axis Bank should be between Rs.2500-12 thousand.