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Will there be a penalty for not maintaining the minimum balance in the account? The government said this important thing

Minimum Balance Rules: Nowadays, almost every citizen of the country has a bank account. We all know that it is necessary for every citizen to maintain Minimum Balance Rules in the bank account. If an account holder does not have the amount fixed by the bank in his account, then in such a situation the bank charges a fine from the customers. This fine varies from bank to bank. In such a situation, a big news is coming regarding the minimum balance. The government is planning to remove the penalty for not maintaining the minimum balance in the bank account. Minister of State for Finance Bhagwat Kishanrao Karad has given a very important statement on this matter.

Penalty for non-maintenance of minimum balance may be waived
Minister of State for Finance Bhagwat Kishanrao Karad has said that the board of the bank is considering that the penalty imposed for non-maintenance of minimum balance in the account should be abolished. When Karad was questioned in the media on this matter, he said that the bank is an independent body and he can take any kind of decision in favor of himself and his customers. In such a situation, speculation has increased that soon the penalty on minimum balance in banks will be abolished.

What is minimum balance
Banks provide many facilities to their customers on Savings Account Rules, 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.

Banks charge penalty from customers for not maintaining minimum balance
Every customer of the bank gets many types of facilities like Debit Card, Net Banking, Mobile Banking etc. by the banks. All these facilities are not available for free. For all this the customers have to pay a fee. In such a situation, the customer has to maintain the minimum balance. If you do not do this, then the bank charges you separately for this. The thing to note is that this penalty depends on the bank. Along with this, the penalty fee also depends on the type of your account.

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