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Things To Know On Minimum Average Balance In SB Account

Saturday, August 25, 2018, 11:43 PM

Both public sector and private sector banks are levying charges on customers for not maintaining minimum balance in their savings bank account. In the year 2017-18, 21 public sector banks and three major private sector banks collected Rs.5,000 Crores from customers, for not maintaining a minimum balance in their accounts. Click on full story to know everything on minimum average balance in SB account.
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What is Inactive or Dormant Bank Account?

Thursday, July 26, 2018, 5:28 PM

If you have a current or a savings bank account and have not done any transactions through it for more than 24-months, then it will be classified as dormant. As per RBI guidelines, an account becomes dormant if a customer doesn't initiate transactions such as withdrawal of cash at a branch or ATM, payment by cheque, transfer of funds through Internet-banking, phone-banking or ATMs.

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