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Minimum Balance in Account: Banks have many options. Bank account holders get many benefits from this. The benefits of the account include financial security and other facilities including fixed interest rates. But you should first know how important it is to maintain a minimum balance in your savings account.

 

The Chopal, Minimum Balance in Account:  There are many benefits of opening a savings account in a bank. Account holders also get other facilities including financial security and interest rates. But what is your minimum average balance for this? And it is very important for you to keep this minimum balance in the bank account, if not then you can be fined. 

Minimum Balance Savings Account? 

If you go to open an account in a bank, you should know the minimum criteria that banks require an account holder to maintain. Banks can also charge you a penalty if you fail to maintain your minimum balance. 

Is there a zero balance savings account?

When you open a savings account, there is a condition of minimum balance of thousands. But due to the increasing demand for low balance, some banks offer zero balance savings account. That is why it is informed on the website of Bank of Baroda that Zero Balance Savings Account is a zero balance account that allows account holders to run without a minimum balance account. 

SBI Minimum Balance

 In March, SBI had decided to remove the requirement of Average Monthly Balance for account holders. But this decision has affected the customers.

SBI account holders were required to maintain an average monthly balance of Rs 3,000, Rs 2,000 or Rs 1,000, depending on whether their branch was in an urban, semi-urban or rural area.

HDFC Minimum Balance

HDFC Bank (HDFC Minimum Balance) customers will have to pay service and transaction charges based on the average monthly balance of the next month. According to the HDFC Bank website, "It is extremely important for urban branches to maintain a minimum average monthly balance of Rs 10,000 or FD of Rs 1 lakh (from July 1)". For semi-urban branches, it is mandatory to maintain an average monthly balance of Rs 5000 or a fixed deposit of Rs 50,000 for a period of at least 1 year 1 day from July 1, 2022, while for rural branches, it is mandatory to maintain an average quarterly balance of Rs 2500 or a fixed deposit of Rs 25,000 for a period of at least 1 year 1 day from July 1, 2022.

PNB Minimum Balance 

According to a report, the new bank rules will also apply to rural people. If the customer lives in rural areas and has an account in Punjab National Bank (Punjab Nation Bank Update), then he should have a balance of at least Rs 500 in his account. If the customer does not have such a balance in his account, then he will have to pay a fee of twenty-five rupees every month. At the same time, customers will have to keep Rs 100 in the account in the mid-urban branch. And a fee of Rs 100 will have to be paid for not following the minimum balance rules. Customers will have to maintain a minimum balance of Rs 2000 on opening an account in an urban or metropolitan branch.