The minimum balance requirement for the bank customers is different depending upon areas such as metro, urban, semi-urban and rural.
According to the bank, the minimum balance in savings bank account is the monthly average balance - the average of daily balances in the account during the month.
Following are the details:
|Area||Minimum Average Monthly Balance|
The penalty for non-maintenance of minimum balance ranges from Rs 50 to Rs 100, plus service tax.
For metropolitan areas:
|Over 75%||Rs 100 plus service tax|
|50-75%||Rs 75 plus service tax|
|Under 50%||Rs 50 plus service tax|
For rural areas:
The penalty for non-maintenance of minimum balance ranges from Rs 20 to Rs 50, plus service tax.