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Bank account update: A special update has come for the customers of many other banks including the country's largest government bank SBI. Now those who have an account in these banks will have to follow a new rule for the proper operation of their accounts. This change can directly affect your banking habits (minimum balance rules). Now you will have to maintain a minimum balance in these banks as per the prescribed amount. This rule will affect crores of bank customers. Let us now know how much minimum balance (rules for minimum balance) you will have to keep in the account of these banks.

Why the condition of minimum balance is kept-

When you open a savings account in a bank, the bank expects you to maintain a minimum amount (minimum balance ke niyam). This amount depends on the facilities and account type of the bank. If you do not maintain this amount, the bank charges you a penalty, which is imposed to meet the expenses of account management. According to reports, government banks have charged Rs 8.5 crore as fees from their customers in the last 5 years. Although the State Bank of India has removed these charges, other banks still charge such charges.

These rules are different in different banks-

The bank asks to take care of a fixed amount, which you have to maintain in your account. If this amount falls short, you may be charged a penalty (minimum balance na hone par charges). This fixed amount may vary in different banks. Also, it depends on the type of account you have and what kind of facilities the bank provides. In some cases, the benefit of free services also affects the amount of minimum balance, which may change the rate of charge.

What is the average monthly balance -

For every month, the bank has to maintain an average monthly balance of your account balance i.e. average monthly balance. To know this, the bank adds the account of your account balance (RBI minimum balance rules) at the end of every day and then divides it by the days of the month.

If this average is less than the prescribed limit, the bank will inform you about it within two months. If you still do not follow the rules, the bank will deduct the fee directly from your account and deduct the non-maintenance charge directly. In such a situation, you need to maintain a minimum balance. Know what is the minimum balance condition in which banks -

Minimum balance in State Bank of India (SBI) -

There is no penalty for minimum balance in SBI. The bank abolished these charges in 2020. Now customers do not have to pay any additional fee on the lack of monthly average balance. This has given relief to the customers regarding their account terms. This change has also reduced the financial responsibilities of the customers, making the banking experience easy and affordable.

Minimum balance condition in HDFC Bank -

In metro and urban areas of HDFC Bank, a minimum balance of Rs 10,000 or a 1-year fixed deposit of Rs 1 lakh is required. In semi-urban areas, this amount is Rs 5,000 minimum balance or a fixed deposit of Rs 50,000. If the average balance is less, the bank charges a penalty of 6 percent, which can be a maximum of Rs 600. This rule applies in case of a shortfall in the minimum balance (HDFC minimum balance).

ICICI Bank

The minimum monthly average balance in ICICI Bank is Rs 5,000 (ICICI minimum balance rule). If the balance is less, the bank charges a penalty of Rs 100, as well as 5 percent of the required shortfall. This rule applies when the customer keeps his account balance below the prescribed limit.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.