A savings bank account: Nowadays, everyone has a bank account. There are many people who keep a savings account, while some people who run a business keep a current account. But there are people who have savings accounts.
They need to be careful with their accounts. The thing is that if you do not keep a minimum balance in your savings account, you can be fined. Therefore, you can open a zero-balance account at the bank.
Zero Balance Account
If your situation is not such that you can keep a minimum balance in your savings account, then you should open a zero-balance account. Nowadays, almost all banks are providing the facility of a zero-balance account to their customers. According to the website of the Bank of Baroda, if a person opens a zero-balance account, then he does not need to keep a minimum balance in his savings account.
Different banks have different limits
- The State Bank of India has removed the condition of a monthly minimum balance. Earlier, customers had to maintain a minimum balance of Rs 3000, Rs 2000, or Rs 1000 in the account.
- You need to maintain a minimum balance of Rs 10,000 in your HDFC Bank account. Apart from this, this limit is Rs 2500 in a semi-urban account.
- Customers need to maintain a minimum balance of Rs 10,000 in an urban branch of ICICI Bank. Also, a minimum balance of Rs 5,000 is required to be maintained in a semi-urban bank branch.
- Customers also need to maintain a minimum balance of Rs. 2,000 per month in their Canara Bank account. In semi-urban and rural areas, the limit is Rs 1,000 and Rs 500, respectively.
- In Punjab National Bank, you need to maintain a minimum balance of Rs 10,000 in urban, Rs 2,000 in semi-urban, and Rs 1,000 in rural branches.