Minimum Balance charges
I have even come across an instance where the balance in the current account was 10,500 in SBI. SBI deducted Rs. 649 as annual account keeping charge in March, thus bringing the available balance Rs. 149 below required AMB of Rs. 10,000. Then they deducted Rs. 590 as Charges for non maintenance of AMB consecutively for March and then April 2020. Poor fellow had to shell out Rs. 1,180 as AMB charges due to shortage of Rs. 149, that to at time of national health crisis and complete lockdown as ordered by GOI.
In my opinion RBI should mandate all banks to reverse all such charges charged during the Lockdown period. more
One hears about different banks having different "minimum balance" conditions.
One also hears about different banks giving different interest rates for balance in personal accounts.
I'm not a banker, but as a layman I wonder whether these rates can be harmonised for all banks. more