SBI Minimum Balance- If you are a SBI customer, then this article is for you. Many times we have a dilemma about various rules of the bank. One of them is whether any penalty will be charged for not maintaining the minimum balance or not. In such a situation, today we are removing this dilemma of yours.
In fact, it has also been clarified by the government that it is not mandatory to maintain minimum balance in regular savings accounts. Earlier, banks used to impose penalty for not maintaining minimum balance, but now it has been banned. This rule is applicable from March 2020.
What do RBI guidelines say?
According to the guidelines of the Reserve Bank of India (RBI), it is mandatory for banks to inform customers about the minimum balance while opening an account. If there is any change in it later, then it is also necessary to inform the customer. Also, if a customer is unable to maintain the minimum balance, the bank gives him one month’s time and only after that a penalty can be imposed. However, it is also important to ensure that no one’s balance goes into negative only due to charges.
The government has also clarified that there is no requirement to maintain minimum balance in accounts opened under Pradhan Mantri Jan Dhan Yojana (PMJDY) and there will never be any penalty for not maintaining minimum balance in these accounts.
The rates are decided by the banks themselves
In the case of service charges, RBI has allowed banks to fix the charges as per their board-approved policy, keeping in mind that the charges are transparent and informed to the customers in advance.