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New Delhi/Lucknow. If you also have a savings account in the country’s largest government bank, State Bank of India (SBI), then this news is going to give you great relief. The worry of maintaining ‘minimum balance’ in the bank account is now a thing of the past. After the tough stance of the Reserve Bank of India (RBI) and the Central Government, major changes have been made in the banking rules. Now, in case of low balance, customers will not be charged huge fines from their hard earned money. This decision will prove to be a game-changer especially for small savers, students and senior citizens who used to fear penalty every month.

New mathematics of minimum balance: Now penalty will not be deducted

Generally, while opening an account, banks impose a condition of keeping a certain amount in the account (₹ 3000 to ₹ 5000 in cities and ₹ 1000 in rural areas). Earlier, banks used to deduct a fine of ₹ 200 to ₹ 500 if the balance went below this limit. But now all the major banks including SBI have stopped charging penalty. As per government instructions, if you do not have the minimum balance in your account, banks will inform you through SMS or email, but will not directly deduct money from your account.

RBI’s strict instructions: Customers will get a chance to improve

The Reserve Bank has made it clear that no bank has the right to make the customer’s account ‘negative’ (in debt) if the minimum balance is not maintained. According to the new rules, if the balance is less, the bank will have to give one month’s time to the customer to deposit the amount. Even during this period, banks cannot impose any additional charges. If a bank violates these rules, customers can directly lodge a complaint with the Banking Ombudsman or RBI helpline.

Pradhan Mantri Jan Dhan Yojana: ‘Jackpot’ of zero balance

Pradhan Mantri Jan Dhan Yojana (PMJDY) has become the biggest medium to bring the banking system closer to the common man. The biggest feature of these accounts is that there is no requirement to maintain any minimum balance. If you have an old savings account and you are facing frequent balance problems, you can convert it into Jan Dhan account. In this you also get additional facilities like insurance cover and overdraft, which are not available in normal accounts.

SBI Digital Banking and Security Measures

SBI has reviewed its policies to promote digital transactions. Now customers can check their balance and view bank statement from home through ‘YONO SBI’ app. However, bank officials suggest that to keep the account active, some transactions should be done in it. Remaining ‘zero balance’ for a prolonged period may result in the account being declared ‘dormant’, which may lead to problems in future transactions.

Caution: Pay special attention to these things

Even though the penalty has ended, customers should improve their banking habits. Always keep SMS alerts on on your mobile so that you can get information about account activities. If for any reason unauthorized deduction occurs from your account, contact your home branch immediately. Remember, only an alert customer can avail the benefits of secure banking.