What if you cannot maintain the minimum balance in your savings account?

New Delhi. Having a savings account in a bank is very common. If one receives regular income, his salary account is opened and it works like a savings account. Customers can also open their own savings account. Some interest is also paid to customers on savings accounts. But to keep a savings account, a minimum balance must be maintained.

Minimum balance may vary from bank to bank. Some banks keep it at Rs 1,000 and some at Rs 20,000. It depends on whether you live in a city or a rural area. Many people find it difficult to maintain a minimum balance in their savings account. Many times people are fined for not maintaining the minimum balance. Yes, although savings accounts are very safe, one of their drawbacks is that you need to maintain a minimum balance to keep money in it, and if you fail to do so, you have to pay a penalty.

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How much will the fine be?
Different banks have different charges for this too. It can range from Rs 2,000 to Rs 10,000 Imposing penalties can become a separate headache for consumers. Where they are not able to maintain the minimum balance they are asked to pay extra. If you are struggling with this problem, you can get rid of this problem in one way.

what do you do
First, close your bank account. If you cannot maintain the minimum balance then you should close your savings account. Note that you cannot have a negative balance in your account at that time. After that you will open a new account with zero balance. Zero balance accounts are those in which there is no requirement to maintain a minimum balance. If you are not able to get a zero balance account in that bank, you can switch to another bank. Note that these accounts may have higher transaction fees.

Shivangi Thapliyal

A content writer at Sportsmanor, Shivangi Thapliyal is pursuing her graduation in Mathematics from University of Delhi. Her keen interest in sports has brought her into the world of writing. An ardent WWE enthusiast, she will otherwise be found listening to music or learning something new.

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