Minimum Balance

Minimum Balance News

RBI relaxes norms for no-frills accounts; banks will provide cheque books, other facilities to basic account holders
Business

RBI relaxes norms for no-frills accounts; banks will provide cheque books, other facilities to basic account holders

Banks will now provide cheque books and other facilities to basic account holders, with the Reserve Bank of India relaxing the norms on Monday

Indian banks collect Rs 5,000 crore from customers in 2018 for breaching minimum balance; SBI, HDFC lead pack
Business

Indian banks collect Rs 5,000 crore from customers in 2018 for breaching minimum balance; SBI, HDFC lead pack

As many as 21 public sector banks and three major private sector lenders collected a whopping Rs 5,000 crore from customers for non-maintenance of minimum balance in their accounts in 2017-18, according to banking data.

PNB collects Rs 151.66 cr as below minimum balance penalty in FY18, reveals RTI query
Business

PNB collects Rs 151.66 cr as below minimum balance penalty in FY18, reveals RTI query

The bank charged Rs 31.99 crore as a penalty in the first quarter of FY18, Rs 29.43 crore in the second, Rs 37.27 crore in the third and Rs 52.97 crore in the fourth quarter, PNB said in the RTI reply

State Bank of India closes 41.16 lakh savings accounts for not keeping minimum balance
Business

State Bank of India closes 41.16 lakh savings accounts for not keeping minimum balance

Last April, State Bank of India had re-introduced the penal charges on non-maintenance of average monthly balance after a gap of five years.

SBI waives off account closure fee: After new minimum balance rules, it is a good move for customer
Business

SBI waives off account closure fee: After new minimum balance rules, it is a good move for customer

SBI has made it easier to for customers who can't afford to conform to minimum balance rules to close their regular savings accounts and migrate to other no-frills accounts.

Have an SBI account? Just a reminder about the rule changes that will impact you from Sunday
Business

Have an SBI account? Just a reminder about the rule changes that will impact you from Sunday

The revision in minimum account balance is likely to benefit another 5 crore account holders, SBI said.

Minimum balance: SBI looks to amass Rs 2,000 cr penalty, to partly use it for Aadhaar-PAN linking
Business

Minimum balance: SBI looks to amass Rs 2,000 cr penalty, to partly use it for Aadhaar-PAN linking

From 1 April, SBI made it mandatory for savings bank accounts in metropolitan cities to maintain Rs 5,000 as minimum balance, Rs 3,000 in urban areas, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas, failing which a penalty is levied.

Paytm Payments Bank starts operations: Check out what's on offer for the customers here
Business

Paytm Payments Bank starts operations: Check out what's on offer for the customers here

The customer will have to spend Rs 100 for a 10-leaf cheque book, i.e. Rs 10 per leaf

SBI faces boycott on 6 April: Why the anti-customer minimum balance rule needs to go
Business

SBI faces boycott on 6 April: Why the anti-customer minimum balance rule needs to go

Even if the boycott extends only to SBI and its subsidiaries, it would be a resounding success as it would send the right signals to banks looking to follow suit; they would be halted in their tracks

SBI's decision to charge on monthly minimum balance may lead to consolidation of family accounts
Business

SBI's decision to charge on monthly minimum balance may lead to consolidation of family accounts

At a time when the accent is on digitisation of payments that is impossible without banking support, the regressive moves of these banking biggies would have the effect of repelling people from the banking habit and retreat to the old habit of piling up cash and paying in cash

SBI's Rs 5,000 minimum balance rule may face govt resistance, but then why spare private, foreign banks ?
Business

SBI's Rs 5,000 minimum balance rule may face govt resistance, but then why spare private, foreign banks ?

The idea of making these arguments is not to justify SBI rules but to make the point that SBI has every right to operate in a level playing field like its rivals, which is critical for its healthy survival

SBI's monthly average balance hike spares Jan Dhan a/cs; govt asks bank to reconsider penalty
Business

SBI's monthly average balance hike spares Jan Dhan a/cs; govt asks bank to reconsider penalty

The government has told State Bank of India to reconsider charges it proposes to levy on cash transactions and ATM withdrawals over specified limits

SBI to charge for breach of minimum balance from 1 April; revise charges on ATMs, other services
Business

SBI to charge for breach of minimum balance from 1 April; revise charges on ATMs, other services

The Reserve Bank has permitted banks to levy charges for breaching minimum balance limit.