Banks doing minimum balance requirements
The issue of minimum balance requirement by banks is a silent burden on the common Indian. With 90% of citizens earning just ₹25k–30k per month and spending nearly ₹20k–24k on essentials, how can banks expect them to maintain ₹10k–20k as average quarterly balance? On top, penalties of ₹500–1,000 are charged if balances fall short, while banks enjoy CASA deposits without fair returns. This is nothing less than legalized loot. RBI and Finance Ministry must intervene and end this unfair practice. A democracy cannot penalize its people for keeping money in banks. Citizens need protection, not exploitation. more
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Specially in Private Banks, maintaining minimum balance is very high. This must reduce. Also banks must give FD interest rates on such minimum balances. more
Sep 06
I FULLY SUPPORT THE MOTION !! IF SBI CAN STILL KEEP " ZERO BALANCE FACILITY" TO EACH & EVERY INDIVIDUAL WHY CAN'T OTHER BANKS DO IT. IN DOING SO THE "cash flow" THEORY GETS REDUCTANT TO SERVICE SO MANY MIDDLE & LOWER MIDDLE CLASS PEOPLE . MIND IT AT THE END OF THE DAY THEY ARE COMING OUT WITH "HEALTHY PROFIT" BY BANKING NORMS !! more
Aug 22
Banks need cashflow to stay competitive and digital infrastructure requires heavy investment and maintenance. If minimum balance is the concern, pls move your account to Rupay where minimum balance does not apply. more
Aug 20
