From August 1, some private and state-owned banks have implemented a new rule regarding minimum balance. According to this, if you have not maintained the minimum balance in the account, then you have to pay the fine. However, the government had given relief in the Corona crisis till June, the duration of which has been completed.
Axis Bank and Kotak Mahindra Bank have issued new guidelines regarding minimum balance. According to this, there will be a charge if there is no minimum balance maintenance and it depends on what kind of account you have. Bank of Maharashtra has increased the minimum balance limit. Earlier it was Rs 1500 which has been increased to Rs 2000.
No need to maintain minimum balance
There is still an account in which there is no need to maintain balance. This is called zero balance account. If you are a salaried employee then normally your account will be a zero balance account and you do not need to maintain a minimum balance. Most banks offer salaried employees by opening a zero account. However, there is a time of 90 days after changing the job. After that it gets converted into account saving. In other jobs also, if you continue the same account then the status of zero account continues.
Most banks offer zero balance account.
If you open an account in any bank separately for yourself, it is called Basic Savings Bank Deposits (BSBDs). The minimum balance rule applies to such account. You can also open a zero balance account for yourself. For this, the process of KYC (know your customer) has to be completed. Most banks offer zero balance account. However, different banks may have their own policy regarding zero balance account. Banks in the condition of salary account The bank itself offers this facility. The bank decides whether the savings account will be a zero account or not.
No simultaneous account facility
Zero balance and savings accounts are same. There may be some differences in their features. For example, there can be monthly free transactions, transaction limits, withdrawal limits in a zero balance account. There is freedom with a savings account. Apart from this, there are facilities like converting to demat with savings account, net banking facility, fixed deposit. However, it depends on the bank to bank, what facility they are giving to their customers.
