Savings Accounts Minimum Balance and Penalty Charges of SBI, HDFC, ICICI, PNB
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.
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.
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.
Customers with savings accounts in rural areas must maintain an average balance of Rs 2,500 on a quarterly basis.
Punjab National Bank
The minimum quarterly average balance in semi- urban and rural areas is 1,000 and 500 rupees, respectively.
By Ajeeta Bhatia Goodreturns source: Dailyhunt