Better watch out and plan accordingly – starting 1st April, several banks plan to impose a fee or penalty if they keep balances below the minimum average balances for each month. While the fee structure varies for metro-city, semi-urban and rural, but there is likely to some fee. Some public sector banks had stopped this practice a few years ago to build the account holder base, but they plan to resume it. Most private sector banks always had these fees and penalties.
Source: Business Standard
- 10 Mar 2017