This news is very useful for the customers having savings account, it is necessary to maintain minimum balance in the savings account, if the minimum balance is not maintained in this account, a penalty of Rs 2 thousand to Rs 10 thousand will be imposed, let us know about it in the news. In detail.
Having a savings account in a bank is a very common thing. If someone gets regular income, then his salary account is opened and it works like a savings account. Apart from this, customers can also open their own savings account. Some interest is also given to the customers on the savings account. However, to keep a savings account, minimum balance has to be maintained.
Minimum balance may vary from bank to bank. Some banks keep it at Rs 1,000 and some at Rs 20,000. It depends on whether you are living in a city or a rural area. For many people, it seems difficult to maintain minimum balance in savings account. Many times people are not able to maintain the minimum balance and they are fined.
Yes, even though savings account is very safe, one of its shortcomings is that to keep money in it, you will have to maintain a minimum balance and failing to do so, you will have to pay a fine.
How much is the fine to be paid?
Different banks have different charges for this also. This can range from Rs 2,000 to Rs 10,000. Imposing penalty can become a separate headache for customers. Where they are not able to maintain the minimum balance they are asked to make additional payments. If you are struggling with this problem then you can get rid of this problem in one way.
What to do?
First of all, close your bank account. If you are not able to maintain the minimum balance then you should close the savings account. Keep in mind that there cannot be a negative balance in your account at that time.
After this you open a new account which has zero balance. Zero balance accounts are those in which there is no requirement to maintain minimum balance. If you are not able to get a zero balance account in that bank then you can go to another bank. Keep in mind that transaction fees may be higher in these accounts.
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