Savings Account: If a person has opened a zero balance account then he does not need to maintain minimum balance.
Savings Account. Nowadays, every person definitely has a bank account, whereas if you are involved in business activities then apart from saving account, you may also have a current account. One thing to be careful about is that if you do not maintain the minimum balance in your savings account, you may be fined. In such a situation, you can also open a zero balance account.
zero balance account
If you are not in a position to maintain minimum balance in your bank account, then you can also open a zero balance account. Many banks nowadays provide the facility of zero balance account. 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.
This is the minimum balance limit in different banks
- State Bank of India has abolished the condition of monthly minimum balance in savings account. Earlier bank customers had to keep Rs 3000, 2000 or 1000 in their account.
- HDFC Bank urban branch customers have to maintain a minimum balance of Rs 10,000, whereas in semi-urban branches this limit is Rs 2,500.
- 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. In semi-urban branches, the account holder has to keep Rs 5,000 in the account.
- Canara Bank customers also have to keep Rs 2,000 in the account every month, while account holders in semi-urban areas have to keep Rs 1,000 and account holders in rural areas have to keep Rs 500 in the account.
- Punjab National Bank customers in urban areas have to maintain a balance of Rs 10000, semi-urban customers have to maintain a balance of Rs 2000 and rural area customers have to maintain a balance of Rs 1000.
