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Personal Finance

Keep your bank account adequately funded to avoid penalties

Updated : July 30, 2019 12:33 PM IST

Four major private sector banks have collected Rs 3,567 crore as a penalty for non-maintenance of minimum balance.
When you fall short of the minimum balance requirement according to the bank’s policy, it should notify you, the account holder, through SMS/email or a letter. The bank should allow a month to restore the balance from the notified date; if not, penalty charges will be applicable.
Even if you are unable to maintain the minimum balance required, banks cannot levy such high charges that your balance turns negative. Instead, they must reduce the services available to that of basic savings bank deposit account.
Keep your bank account adequately funded to avoid penalties
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