Abolition of Minimum balance condition for SB accounts

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The minimum balance has to be maintained in all Savings Bank Accounts of banks in India. Otherwise customers will be imposed prescribed penalty. Middle class and poor people can not always maintain the minimum balance. Instead of borrowing from others they would prefer to withdraw the money in their account as a last resort. In certain banks staff comment adversely on the customers in presence of other customers and humiliate them,  if they don't maintain minimum balanceAs a result they incur loss in the form of penalty. RBI and the Hon'ble Prime Minister of India should look into this matter and do away with the minimum balance condition for all SB accounts if they are to serve the interest of poor and middle class. If  it is not possible, the minimum balance to be maintained should be 100 or 200 and that too should be locked by the bank so that customers will not withdraw  the amount available as minimum balance. The proposal by SBI to increase the minimum balance to Rs.5000/- should also be dropped.

R.Pattabiraman

 



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