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Will there not be penalty on those who do not keep the minimum balance in the bank account? Government replied

New Delhi. 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. Actually, Minister of State for Finance Bhagwat Kishanrao Karad has given an important statement regarding maintaining minimum balance in the account.

Board of banks can remove penalty from those who do not keep minimum balance
Karad said on Wednesday that the board of directors of banks can decide to abolish the penalty on accounts that do not keep the minimum balance. In response to a question, Karad said in Srinagar, “Banks are independent bodies. Their board of directors can decide to waive the fine.

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Minister of State for Finance is on a 2-day tour of Jammu and Kashmir
The minister was asked whether the Center is considering giving instructions to banks that no penalty should be imposed on accounts in which deposits fall below the minimum balance level. Minister of State for Finance is on a 2-day visit to the Union Territory to review the implementation of various financial schemes in Jammu and Kashmir.

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What is minimum balance
Banks provide many facilities to their customers on savings account, but along with these facilities, customers also have to follow some rules. The most important thing is to maintain minimum balance. 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.

Tags: bank, hdfc bank, ICICI bank, Punjab national bank, sbi

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