If you are also a customer of the State Bank of India (SBI) and run a Regular Savings Account, then this story is of use to you. Many times, we have a dilemma about the many types of rules of the bank. One of them is whether any penalty will be charged for not maintaining the minimum balance. In such a situation, today we are removing this dilemma of yours.

It has also been clarified by the government that it is not mandatory to maintain a minimum balance in regular savings accounts. Earlier, banks used to impose a penalty for not maintaining the minimum balance, but now it has been banned. This rule has been in force since March 2020.

What do the RBI guidelines say?

According to the guidelines of the Reserve Bank of India (RBI), banks must inform customers about the minimum balance while opening an account. If there is any change in it later, then it is also necessary to inform the customer. Also, if a customer is unable to maintain the fixed minimum amount, then the bank gives him one month, and only after that, a penalty can be imposed. However, it is important to ensure that the balance does not go negative just because of the charges.

There is no penalty for Jan Dhan accounts.

The government has also clarified that there is no requirement to maintain a minimum balance in accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), and no penalty is ever levied on these accounts for not maintaining the minimum balance.

The rates are decided by the banks themselves.

In the case of service charges, the RBI has allowed banks to decide the charges as per their board-approved policy. It is ensured that the charges are transparent and the customers are informed in advance.

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