By Admin 
Minimum balance on saving accounts: Recently, most of the public sector banks have abolished the minimum balance limit on savings accounts. Earlier it was mandatory to keep a certain amount, but the customers have been freed from this mess. However, these conditions are still applicable in many public sector banks. In such a situation, if you are planning to open an account in a bank, then this news can be of your use, because it is very important to know its minimum balance before opening an account in any bank.
What are the rules of which banks
One of the large private sector banks, ICICI Bank has changed the terms of minimum balance for savings account holders, raising this limit to branches of big cities to Rs 50,000, which was earlier Rs 10,000. Similarly, the minimum balance in semi-urban branches has been increased to Rs 25,000, which was earlier Rs 5,000, while in rural branches it has been increased to Rs 10,000, which used to be Rs 2,500 earlier. This rule has come into effect from 1 August.
Actually, every bank has fixed the minimum balance according to its own. This is the amount that you need to keep in your account, and if the balance is reduced by this limit in the month, then the bank imposes penalty on customers. Earlier, the minimum amount for urban areas in most public sectors was fixed from Rs 1,000 to Rs 4,000, but now many banks including Canara Bank, Bank of India and State Bank of India have abolished the condition of minimum balance on savings accounts.
However, this condition is still applicable in private banks. The minimum balance of savings account in HDFC and Kotak Mahindra Bank is Rs 10,000, Rs 5,000 in Bandhan Bank and Rs 12,000 in Axis Bank.
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