Rs 600 penalty for non-maintenance of minimum balance with private banks
Posted on: 09/Mar/2017 9:05:34 AM
The State Bank of India has grabbed attention from all bankers and customers with its announcement about penalty towards non-maintenance of minimum balance in metro branches. Following this, the private banks including those like HDFC already belong to the bandwagon, as a charge of Rs 600 is imposed under similar cases.
Explaining details about the same, Aditya Puri, the Managing Director of HDFC said when a customer makes a deposit of say Rs 10,000, 4 percent should be paid as interest, 4 percent should be allotted for Cash Reserve Ratio, and Rs 200 is the total earning out of the deposit annually. What are the banking services expected to be included in this? Free ATM, no charges for cheque book usage, and no charge towards cash transactions are expected out of it. The HDFC bank will charge Rs 600 for non-maintenance of minimum balance.
