Bhagwat Karad: The limit for maintaining balance varies according to banks and cities. For example, if someone has an account in the country’s largest government bank SBI (SBI) in Metro City, then he will have to maintain a minimum balance of Rs 3000.
Minimum Balance in Bank Account: How many times have you been penalized for not maintaining the minimum balance in the bank account? If the answer is yes, then this hassle is about to end. The limit for maintaining minimum balance in savings and current accounts of different banks also varies.
Minister of State for Finance Bhagwant Kishanrao Karad has given an important statement regarding maintaining minimum balance in the account. He said that the board of directors of banks can take a decision to waive penalty on accounts that do not maintain minimum balance.
Question on maintaining 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 that the media had asked Minister of State Karad about maintaining the 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.
Let us tell you separately the limit of maintaining balance, at present minimum balance has to be maintained in the account of public sector banks and private banks. If you do not maintain the minimum balance then you have to pay penalty. The limit to maintain balance varies according to banks and cities.
For example, if someone has an account in the country’s largest government bank SBI (SBI) in Metro City, then he will have to maintain a minimum balance of Rs 3000. On the other hand, if your account is in a branch in a rural area, then you will have to maintain a minimum balance of Rs 2000.
