Bank account minimum balance rule: In today's time, every person has a bank. There are two types of bank accounts, one is a current account and the other is a savings account. Many people do not keep a minimum balance in their savings account.

Minimum balance means that there should always be a certain amount in your bank account. This amount can be different for every bank. It is very important to keep a minimum balance in a bank account. If a person does not maintain the minimum balance in his savings account, then he may have to face many problems. Let us tell you today what are the disadvantages of not maintaining a minimum balance in a savings account.

Disadvantages of not maintaining a minimum balance

If you do not maintain a minimum balance in your account, the bank can charge you a penalty. This penalty can be imposed every month or every quarter.

Many times, banks give you some facilities (bank facilities) such as free ATM transactions, free net banking etc. only when you maintain a minimum balance in your account. If you do not do this, you will not get the benefit of these facilities.

If you repeatedly pay a penalty for not maintaining the minimum balance, it can spoil your credit score. A credit score is very important for you to take a loan.

If you do not maintain the minimum balance continuously, the bank can also close your account (bank accoun latest updates).

Why is it necessary to keep a minimum balance? (minimum balance rule in a bank account)

The bank also has to spend money to provide services to its customers. The bank gets this money from the minimum balance. Along with this, the minimum balance strengthens the position of the bank and it is able to provide better services to the customers.

How do you maintain a minimum balance? (how we maintain minimum balance)

You can know how much minimum balance you have to keep in your account by visiting your bank's website or app.

You can avail the facility of auto debit from your other account to your savings account, so that there is always a minimum balance in your account.

You can also maintain a minimum balance in your account by reducing your unnecessary expenses.

Advantages of keeping a minimum balance in bank account (advantages of not maintaining minimum balance)

You need to maintain a minimum balance. With this, you can avoid penalties and take advantage of all the facilities of the bank. The more money you have in your savings account, the more interest you will get. Along with this, many banks also give you facilities like debit and credit cards, lifestyle benefits, reward points, and personal loans.

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