Banking: Don’t insist on minimum balance
Moneylife Digital Team 10 May 2012

RBI has ‘advised’ all banks to offer all customers a ‘basic savings bank deposit account’ without insistence on a minimum balance. Such an account should offer certain minimum facilities. However, RBI has not guided about the ‘basic savings bank deposit account’.

Currently, the minimum balance in the savings accounts varies from Rs500 to Rs25,000, depending upon the nature of the account and...

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