3 pvt banks to insist on minimum balance every month

The top three private sector banks have tightened their minimum savings bank deposit balance norm. Against the normal practice of maintaining minimum average quarterly balance, these banks want customers to maintain minimum balance on a monthly basis. What this means is that customers will have to keep higher balances. The move to get customers to maintain minimum balance on a monthly basis follows the Reserve Bank of India deregulating the savings bank deposit rate in October 2011. The RBI has not stipulated any minimum balance to be maintained in savings accounts to any bank. The RBI guidelines only state that accountholders should get from their banks a month's notice on any change in the minimum balance norm........

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