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Minimum balance charges: People keep their savings in bank accounts. They can withdraw it whenever they need it. Bank account holders also have to maintain a minimum balance in their bank accounts (saving account rules). If this is not maintained, a penalty is immediately imposed by the bank.

This penalty charge (penalty charges on no minimum balance) is different for every bank. Like other banks, SBI, HDFC, ICICI, PNB and Yes Bank also charge for not maintaining a minimum balance in the account. If you have an account in these banks, then you must know how much money you will have to keep as a minimum balance limit.

Know about average monthly balance-

The rule of average monthly balance applies to every bank account holder. This minimum balance has to be maintained by the account holder in the account for the whole month. AMB is calculated by the bank by adding the closing balance of each day.

It is divided by the number of days in each month. If it is less, the bank also informs about it. Even after this, if an account holder does not maintain the minimum balance, then the bank levies a non-maintenance charge on the savings account. This may vary in different banks (bank news).

This is the rule of the State Bank of India (SBI)-

Now no charge is levied by SBI if the bank account holder does not maintain the minimum balance in the bank account (SBI Minimum balance limit). SBI had removed the rule of imposing penalties (Minimum balance penalty rules) for not maintaining the minimum monthly average balance in 2020.

HDFC Bank charges-

- In metro and urban areas, a customer who has an HDFC account has to maintain a balance of Rs 10,000. Those who have an FD of Rs 1 lakh with a minimum period of one year and one day are not charged for not maintaining the minimum balance (HDFC Minimum Balance Limit).

Apart from this, in semi-urban areas, the customer has to maintain a minimum balance of Rs 5,000 or there should be an FD of Rs 50,000. For not maintaining the minimum balance, HDFC Bank charges 6 percent of the shortfall in the average balance (average balance in HDFC) as a penalty or whichever is less than Rs 600.

ICICI Bank rules-

ICICI Bank has fixed the minimum monthly average balance at Rs 5,000. For not maintaining it, 5 percent of the required minimum average balance (ICICI Minimum balance limit) along with Rs 100 is charged as a penalty.

Rules in Punjab National Bank (PNB) -

In PNB, the customer has to maintain the minimum balance (PNB Minimum balance limit) in the account as per the area of ​​the account. This limit has been fixed at Rs 500 for rural areas, Rs 1000 for semi-urban areas, and Rs 2000 for urban and metro areas (Minimum balance limit rules).

According to some reports, for not maintaining this minimum balance, a penalty of Rs 400 can be imposed on account holders in rural areas, Rs 500 on account holders in semi-urban areas, and Rs 600 on accounts in urban and metro areas by the bank (PNB Minimum balance penalty).

Minimum balance rule in Yes Bank-

Although Yes Bank does not charge minimum balance charges (Yes Bank minimum balance charges), if the minimum balance required is between 50% and 100% then a shortfall charge of 5% is levied. If this amount is less than 50% of the required balance then a shortfall charge of 10% (Minimum balance charges Yes bank) has to be paid. Let us tell you here that all banks keep changing these rules from time to time.

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.