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Banking Rules: Minimum balance is the amount that every person should keep at least in his account. The minimum balance amount varies from bank to bank.
Every bank has different minimum balance limit, which customers have to maintain. If the minimum balance is not maintained according to the variant of a customer’s account, then the bank charges a penalty from him.
State Bank of India (SBI Minimum Balance Rules) has fixed the rule of minimum balance in its accounts according to the region. For rural areas, this limit is Rs 1,000. Semi-urban area customers will have to keep Rs 2,000 in their account. Whereas, in Metro City this limit is 3 thousand rupees.
Minimum balance rules for HDFC Bank account holders
The average minimum balance limit in HDFC Bank also depends on the residency. This limit is Rs 10,000 in cities, Rs 5,000 in semi-urban areas and Rs 2,500 in rural areas.
Minimum balance rules for ICICI Bank account holders
ICICI Bank has fixed the rule of minimum balance in its accounts according to the region. There is a limit of Rs 10,000 for urban areas, Rs 5,000 for semi-urban areas and Rs 2,500 for rural areas.
Board of banks can remove penalty from those who do not keep minimum balance At present, you have to pay a fine for not maintaining the minimum balance in the bank account. But if everything goes well in the coming time, there will be no need to maintain minimum balance in the bank account.
In fact, Minister of State for Finance Bhagwat Kishanrao Karad had recently said that the Board of Directors of banks can decide to abolish the penalty on accounts that do not maintain minimum balance. In response to a question, Karad had said in Srinagar, “Banks are independent bodies. Their board of directors can take a decision on waiving off the fine.”