New Delhi. Starting from the beginning of the new financial year i.e. from 1st April, various banks, including SBI, have laid down the condition of average monthly balance for their customers. This means that if you do not have the average monthly balance in your bank account, you will have to pay a penalty. In case of SBI’s account, the amount of average monthly balance is Rs. 5,000. Other such banks have also fixed the amount of minimum balance.
Do not forget that HDFC and ICICI Bank charge penalties ranging from Rs. 150 to Rs. 600 if there is less balance. All banks decide the minimum balance according to the category of their branches.
Here’s the minimum balance of mathematics
Banks always keep account of average monthly balances. Suppose the bank where you have an account, keep the monthly average balance of Rs. 10,000. This does not mean that it should be 10 thousand rupees in the account at all times. You can also avoid penalties by keeping less balance from it.
If the bank has kept the minimum balance limit of 5,000 rupees. Daily Monthly Average should be at the end of Rs 5,000. Suppose, your account is 1.5 lakh rupees a day. So it means that the average monthly balance of the entire month will be completed through that day. Indeed, if the bank will calculate on a 30-day basis in a month, then it would be 1.5 lakh rupees based on the average balance of Rs 5000. In such a situation, if you take away the entire money after one day, you will not have to pay a penalty even if you have zero balance in the account for the rest of the month.
Some banks give relief on getting FD
Some banks do not have the minimum balance requirement of Savings Account to customers who have Fixed Deposit (FD) deposits here. HDFC Bank offers such facilities at the savings account to its rural branches. However, for the savings account, the minimum balance bank has fixed Rs. 10,000. If a customer of a savings account makes an FD of at least Rs 10,000 for a minimum of one year then he is exempted from maintaining minimum balance.