New Delhi. Relief news has emerged for crores of people of the country. The Central Government has clarified that people holding Basic Savings Deposit Account will not have any obligation to maintain minimum balance in the account. Even if there is little or no money in the account, no penalty will be imposed.
While giving information in the Parliament, Finance Minister Nirmala Sitharaman said that the number of such accounts in the country has reached about 72 crores. These also include accounts opened under Pradhan Mantri Jan Dhan Yojana. These accounts were started with the aim that the poor, small savers and people who are away from bank services can easily connect with the banking system.
Account can be operated even with zero amount
The biggest feature of Basic Savings Deposit Account is that it can be operated even with zero amount. That is, it is not necessary for the account holder to keep any fixed minimum amount in the account. Through this, people can easily deposit, withdraw money and avail other essential bank services.
Different rules in general accounts
The government also said that for general savings accounts and current accounts, banks can impose the condition of maintaining minimum average balance as per their rules. Banks may charge some fees if customers keep less than the prescribed limit. However, as per the instructions of Reserve Bank of India, such charges should be reasonable and transparent.
Banks recovered thousands of crores of rupees
According to the government, during the last three financial years, public sector banks have received around Rs 8092 crore as fees from savings and current accounts for not maintaining minimum balance. However, this amount is a very small part of the total income of banks.
Many banks removed the penalty
To provide relief to customers, many public sector banks have abolished or reduced the penalty related to minimum amount. State Bank of India, the country’s largest government bank, had abolished the penalty for not maintaining minimum balance on savings accounts from the year 2020 itself. Apart from this, many other public sector banks have also decided to remove such charges in recent years.
Financial inclusion will get a boost
The government believes that these steps will make the banking system accessible to more people. This will especially benefit those people who have low income or have small savings. The government is trying to ensure that every person can use bank services without any fear or pressure.
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