SBI, HDFC, ICICI Bank: If you have account, Must know this new rule

Is your account in State Bank Of India (SBI), Housing Development Finance Corporation (HDFC), Industrial Credit and Investment Corporation of India (ICICI) Bank? Then you must know this new rule. If not, your account will run out of money.

At present, if the bank account does not have the minimum balance, a penalty will have to be paid. Banks offer many facilities to their customers in savings accounts, but along with these facilities customers have to follow certain rules. The most important thing is to maintain a minimum balance.

Each bank has a minimum balance limit that customers must maintain. If the minimum balance is not maintained as per the customer’s account variant, the bank will levy a penalty. State Bank of India has fixed minimum balance rule in its accounts in the area account.

For rural areas the limit is Rs 1,000. 2,000 in their account for customers in semi-urban areas. But in metro city this limit should be 3 thousand rupees. The average minimum balance limit at HDFC Bank depends on the residence. The limit is Rs 10,000 in urban areas and Rs 5,000 in semi-urban areas. And Rs 2,500 in rural areas.

ICICI Bank regulates the minimum balance in their accounts according to the region. The limit should be Rs 10,000 for urban areas, Rs 5,000 for semi-urban areas and Rs 2,500 for rural areas. Currently, if you do not maintain a minimum balance in the bank account, you have to pay a penalty. But if everything goes well in the coming days, there will be no need to keep a minimum balance in the bank account.

Minister of State for Finance Bhagwat Kishanrao Karad had recently said that the board of directors of banks may decide to waive the penalty on accounts that do not have a minimum balance. Responding to a question in Srinagar, Karad said, ‘Banks are independent institutions. Their board of directors may decide to waive the penalty.