New Delhi: Maintaining a minimum balance in a savings account is mandatory. If the required balance is not maintained, customers will have to pay a penalty. Some banks are modifying their minimum balance requirements, which vary based on account type, bank, and branch location (such as metro, semi-urban, and rural areas).
From April 1, customers of PNB, SBI, Canara Bank, and others will need to maintain the minimum balance based on their branch category. If they fail to do so, a penalty will be imposed. The penalty amount will differ depending on the account classification.
For example:
In urban areas, the minimum balance requirement may beRs5,000
In rural areas, it may be Rs2,000
Additionally, changes in UPI transaction rules will also take effect from April 1. Mobile numbers linked to UPI that have not been used for a long time will be removed from bank records.
This means that if your phone number is linked to a UPI app but has been inactive for an extended period, the bank will remove it from its records, and UPI services for your account will be discontinued.
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