There is only one day left for the month of June to end. In such a situation, it is important for you to know that after June 30, i.e. from July 1, some rules related to your bank account will change. In view of the coronavirus, Nirmala Sitharaman had announced that no one would have to maintain minimum balance till June 30 and now that period is ending tomorrow i.e. June 30. Explain that every bank maintains some minimum balance and if not doing so, the customer has to pay a penalty. So far no bank has said to carry forward this relief, so it is believed that after June 30, all these privileges will be closed. The relief related to ATM withdrawal was also given to the people, which will no longer be available.
Know what different banks offered during COVID19:
State Bank of India (SBI):
Even before the Modi government’s announcement, State Bank of India had said that it is ending the minimum balance obligation on all savings accounts. SBI had said in a statement – no charge will be levied for not having an average minimum balance on all SBI’s 44.51 crore savings bank accounts.
So far, no new announcement has been made by the bank, so it is believed that this facility can still continue. Explain that SBI usually asks for a minimum balance of Rs 3000 in metro cities, 2000 in semi-urban areas, and Rs 1000 in rural areas. Those who do not do so are charged Rs 5-15 plus tax.
The government’s order not to maintain minimum balance is applicable to private banks as well, but minimum balance plays a big role in the earnings of big banks like HDFC. In such a situation, after the end of the deadline on June 30, it is expected that the bank will again start binding the minimum balance. It is necessary to keep a minimum balance of 10 thousand rupees in HDFC Bank. While in semi-urban areas, this limit is Rs 5000, while in rural areas it is Rs 2500.
ICICI also earns a lot from minimum balance, it is expected that the bank will start charging the minimum balance charge. In metro and urban areas, it is necessary to keep a minimum balance of Rs 10,000 in ICICI. At the same time, this limit is Rs 5000 in semi-urban areas and Rs 2000 in rural areas. ICICI Bank charges Rs 100 from customers in the metro, urban and semi-urban areas and 5% of the amount that is less, for not having minimum balance.