RBI Will Review Rules For Minimum Balance Required In Savings Accounts

The Reserve Bank of India has stated in its annual report that it will review the minimum balance required for savings accounts and the guidelines imposed by the bank. Currently the minimum balance required and non-maintenance penalty vary from bank to bank. Foreign and private lenders usually charge higher fees of up to Rs 600, while public sector banks charge much less. The average monthly balance also varies among branches of metro, cities, towns and rural areas.