HomeBANKINGWhat is the Bank of Baroda Minimum Balance Penalty?

What is the Bank of Baroda Minimum Balance Penalty?

Bank of Baroda Minimum Balance: – According to the instructions of RBI, it is necessary to have some minimum balance in every bank account. If you do not have a minimum balance in your account, the bank levies additional charges. The amount of Bank of Baroda Minimum Balance was ₹ 1000, but recently Bank of Baroda has increased the minimum balance account amount from ₹ 1000 to ₹ 2000. This limit of Bank of Baroda minimum balance has been raised only in urban and semi-urban bank branches.

Bank of Baroda Minimum Balance limit for people who have savings accounts in the Bank of Baroda branch in rural areas is determined by the department managing the savings account. To avoid unnecessary charges, you must keep the Bank of Baroda Minimum Balance in your account every month.

Whether your account is in a rural area or an urban area, you must maintain the Bank of Baroda minimum account balance every month so that unnecessary penalties can be avoided.

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News related to Bank of Baroda Minimum Balance

Bank of Baroda had increased the minimum balance limit on savings accounts from ₹1000 to ₹2000 in-branch branches in urban and semi-urban areas since February 1, 2019, when Vijaya Bank and Dena Bank merged with Bank of Baroda.

If your bank account is in the Bank of Baroda, you must keep the Bank of Baroda Minimum Balance amount fixed by the bank and maintain the status in your account.

According to a press release of the Bank of Baroda, the bank has increased the Bank of Baroda Minimum Balance Account amount from ₹ 1000 to ₹ 2000 in branches located in urban and semi-urban areas from February 1, 2019, while in rural areas, this limit is on a savings account. It has been increased from ₹ 500 to ₹ 1000. However, in rural areas, the amount increased on the savings bank account, i.e., Bank of Baroda minimum balance amount is determined by the bank’s branch in which you have an account.

Dena Bank and Vijaya Bank have been merged with Bank of Baroda from February 1, 2019. The savings account holders of the above banks must also maintain the Bank of Baroda Minimum Balance amount in their accounts every month.

What is the Bank of Baroda Minimum Balance Penalty ?

Bank of Baroda has set different standards for Bank of Baroda Saving Account Minimum Balance and Bank of Baroda Current Account Minimum Balance. Bank of Baroda has increased the minimum balance limit on Bank of Baroda’s savings account by almost 100%. Still, fortunately, the Bank of Baroda has not yet raised the fee applicable to savings account holders who do not maintain a minimum balance account. Is.

Suppose your savings account is in the Bank of Baroda branch of an urban area or semi-urban area. In that case, you will have to pay ₹ 200 as a penalty for not maintaining the Bank of Baroda Minimum Balance account.

If your bank account is in a rural area, a penalty of ₹ 100 will be applied if you cannot maintain the Bank of Baroda Minimum Balance account. This penalty is effective from February 1, 2019.

The above penalties will apply to Bank of Baroda Saving Account holders and Dena Bank and Vijaya Bank savings account holders for not maintaining the minimum balance.

Bank of Baroda savings accounts holders will have to bear the burden of keeping Bank of Baroda’s Minimum Balance in their savings account. Also, there will be a penalty for not maintaining the minimum balance.

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What is Minimum Balance Charge?

The minimum account balance amount is the balance in the savings account, which the account holder must keep in a given period. The minimum balance period is fixed by some banks every month while by some banks every quarter.

According to the Reserve Bank of India guidelines, every bank has been empowered to set a limit to maintain the minimum balance in the savings account. It has also been assigned to determine the penalty to be levied on the customers who retain them.

That is, if you do not have a minimum balance in your savings bank account, then the penalty on it is also determined by the concerned bank itself. However, the Reserve Bank of India has prescribed that the minimum balance amount and penalty amount should be reasonable.

Is there a minimum balance charge on all Bank of Baroda Savings Account?|Bank of Baroda Saving Account Minimum Balance

Any bank cannot collect the bank of Baroda Saving Account Minimum Balance account charge on all types of savings account accounts. According to the Reserve Bank of India guidelines, the limit of any minimum balance account cannot be applied to Pradhan Mantri Jan Dhan Yojana and Basic Savings Bank Deposit Accounts.

Therefore, no additional charges can be levied on all the savings accounts falling under this category. The savings accounts opened under the Pradhan Mantri Jan Dhan Yojana, and Basic Saving Deposit Accounts do not come under the ambit of Bank of Baroda Minimum Balance.

However, some banks do not set a minimum balance limit on the student’s (Bank of Baroda Minimum balance for students) account, pensioner’s account, or senior citizen’s account.

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How much does the bank save from the penalty on the minimum balance amount?

If we look at the actual figures, according to the report placed in the Lok Sabha by the Government of India, in the last four years, due to non-maintenance of minimum balance account by all the Indian public sector banks, the amount to be collected as the penalty is Rs 6,246.44 crore from customers. Is.

According to the report placed in the Lok Sabha, Bank of Baroda collected Rs 327.89 crore as a penalty for Bank of Baroda Minimum Balance. At the same time, Vijaya Bank merged with Bank of Baroda, receiving Rs 4.34 crore and Dena Bank Rs 48.77 crore from customers.

India’s largest bank State Bank of India, has recovered Rs 2,893.75 crore as a penalty for the SBI minimum balance in the last four years.

Banks keep on increasing and decreasing the minimum account amount from time to time. Therefore, contact the Bank of Baroda Customer Care Number to get correct information about the Bank of Baroda Minimum Balance Penalty or Bank of Baroda minimum balance amount.

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Guru
Guruhttps://paisaproblem.com/
I am student and part time blogger. I am interest to share my views on financial issues.
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