Bob Minimum Balance Charges Rules

According to the guidelines of the Reserve Bank of India, banks have the power to determine the minimum amount that the savings account must contain. The RBI has also allowed banks to decide on the fine they wish to impose for not receiving this amount. However, the RBI guidelines state that the amount and fine must be reasonable. Currently, SBI charges a fee of ₹10- ₹15, in addition to GST, on accounts in metropolitan and urban branches if MAB is not maintained. These fees range from ₹7.50 to ₹12 in semi-urban branches, while for rural branches, fees range from ₹5 to ₹10 plus GST. The amount of the penalty depends on the amount that does not meet the requirements of the MAB for the respective account category. Jan Dhan Yojana accounts and basic savings bank deposit accounts are exempt from the minimum balance requirements. Many banks also exempt salary accounts from this requirement. Calculation: The minimum requirements for the QCA are calculated based on the sum of the closing balance of the number of days divided by the number of days. To obtain the average quarterly balance/minimum balance/balance fee, the period of the quarters is considered to be from March 16 to June 15, from June 16 to September 15, from September 16 to December 15 and from December 16 to March 15 of a given year.

The new minimum balances will come into effect on February 1, 2019.With the merger of Vijaya Bank and Dena Bank with Bank of Baroda, it is likely that the new minimum balance rules for savings accounts will also apply to the savings accounts of these two banks. If a customer does not respect the average minimum balance of the BoB Advantage savings account, the person will be fined by the bank according to the prescribed plates. The maximum fee for not maintaining the minimum balance is ₹200 for metro and city branches and ₹100 for semi-urban branches, according to a press release from the bank. Baroda Bank has increased the minimum balance limit from ₹1,000 to ₹2,000 for savings accounts in municipal metro branches Here are the MAB requirements and penalties charged by SBI and Bank of Baroda (BoB) for not maintaining the balance: If you have a savings account with Baroda Bank, be prepared to spend extra money if you don`t meet the minimum balance. Baroda Bank has decided to increase its minimum balance for the savings account by 100%. Baroda Bank offers interest rates of 3.5% on the balance of savings deposits up to Rs 50 lakhs and interest rates of 4% on deposits over Rs 50 lakhs. The Bank of Baroda calculates the interest rates based on the available balance of the account and pays quarterly. No. According to RBI guidelines, savings accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) and Basic Saving Bank Deposits (BSBD) accounts are exempt from the fines imposed for not maintaining the minimum balance. Bank of Baroda: Bank of Baroda (BoB), which became the second largest public sector bank following the merger with Bengaluru-based Vijaya Bank and Mumbai-based Dena Bank, has increased the average minimum requirements for the average minimum balance of its earnings savings account as of February 1, 2019. Banks regulate new rules that ensure customer convenience. Recently, most banks have revised the minimum amount for account balances.

Let`s find out the minimum account balance regulated by the Bank of Baroda. State Bank of India: Customers who have a regular savings account at SBI branches in metropolitan and urban areas must maintain an average minimum balance of ₹3,000, ₹in ₹semi-urban branches in semi-urban branches, and ₹in ₹rural branches in rural branches. Like other banks, SBI imposes penalties for not maintaining MAB on most savings accounts. The minimum current account balance of the Bank of Baroda is 2,500 rupees. New Delhi: The Bank of Baroda (BoB) will increase the average minimum balance during the quarter to be maintained in its benefit savings account. “As of February 1, 2019, the average minimum balance of the Baroda Advantage savings account will be updated,” BoB said in a tweet. For metro, city and semi-urban branches, the bank doubled the average minimum balance. However, for such accounts in rural branches, nothing changes. The minimum average quarterly boB benefit savings account balance for urban and metropolitan branches will increase from ₹1,000 to ₹2,000 as of February 1, 2019, and for semi-urban branches, the minimum balance will be ₹1,000.

Previously, the customer had to maintain ₹500 in semi-urban BoB branches. The average minimum BoB savings account balance for urban and metropolitan branches is ₹2,000 and for semi-urban branches ₹1,000.