The key banks in the country have released their monthly average balance requirements based upon the location of the user. It has been divided according to the areas including rural, urban and metro.
Banks charge a penalty from customers who fail to meet a minimum requirement of funds in their regular savings bank accounts. Now according to this new division of areas, the banks are going to charge different penalties from different customers varying from their areas.
Banks like HDFC has set a minimum requirement of Rs 10000 per month in the regular savings account in the urban and metro areas and Rs 2500 as a quarterly balance in the savings account in the rural areas. The charges of defaulter varies from Rs 150 to Rs 600 based upon the insufficiency of funds in the regular savings bank account. On the other hand SBI has set a limit of Rs 3000 for the branches located in metro and urban areas and a limit of Rs 1000 for the customers located in the rural areas. The penalty charges for the defaulters varies from Rs 10 to Rs 15 excluding GST based upon the lack of amount in their Regular savings account.
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