Savings Accounts Minimum Balance and Penalty Charges of SBI, HDFC, ICICI, 
PNB

Savings Accounts Minimum Balance and Penalty Charges of SBI, HDFC, ICICI, PNB { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

A savings account with a bank offers the account holder a high level of liquidity, financial security, and a fixed rate of interest.

All savings account customers are required to maintain a minimum average balance on their accounts.

In addition, if the savings account and balance requirements are not met, a penalty will be imposed.

There are several types of savings accounts, each with a unique function that varies depending on the type of account.

SBI's basic savings accounts do not have a minimum average monthly balance after March 2022. { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

Previously, SBI account holders were required to maintain a monthly balance of Rs 3,000, Rs 2,000, or Rs 1,000.

Clients who did not comply with the AMB requirements were fined between Rs 5 and Rs 15 per month.

The bank's regular savings accounts have a minimum average monthly amount of Rs 10,000 in metro areas, Rs 5,000 in semi- urban areas, and Rs 2,000 in rural areas. { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

Failure to keep the average balance is subject to a fee of 6% of the shortfall or Rs 500 whichever is greater.

Savings accounts at all branches worldwide will be fined.

The bare minimum monthly ceiling in semi- urban areas is Rs 5,000. { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

Customers with savings accounts in rural areas must maintain an average balance of Rs 2,500 on a quarterly basis.

The minimum quarterly average balance in semi- urban and rural areas is 1,000 and 500 rupees, respectively. { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

By Ajeeta Bhatia Goodreturns source: goodreturns.in Dailyhunt View more