If you’ve faced penalties due to insufficient balance in your HDFC bank account, then you’ll find this news valuable. Yes, it is possible that in future you will not have to pay penalty if this happens.
After implementing the new rule, you won’t be required to maintain a minimum balance. Banks and accounts will have varying fixed amounts for the minimum balance. The account holder has to pay penalty for not maintaining the minimum balance.
Big statement on minimum balance
Minister of State for Finance Bhagwant Kishanrao Karad had given a big statement in the last days regarding maintaining minimum balance in the account.
This rule is for all banks like HDFC, ICIC and PNB. He appealed to the board of directors of the banks and said that they can take a decision to abolish the penalty on the accounts of those who do not keep the minimum balance.
Karad had said that banks are independent bodies.
In such a situation, the Board of Directors can waive the penalty for not keeping the minimum amount.
At that time, the media had questioned the Minister of State for Finance regarding maintaining the minimum amount. He was also asked whether the government is considering giving instructions to the banks that no penalty should be imposed on the accounts in which deposits go below the prescribed minimum level.
Also read :- https://blog.zarsco.com/cryptocurrency-unlocking-the-future-of-digital-finance/
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