Never miss a minimum balance charge, remember these 2 things
Most of your accounts have a minimum balance requirement. Whenever you do not meet that condition, you have to pay the charge. During fiscal year 2017-18, 21 government banks and three private banks have levied Rs.5000 crore as the charge.
But if you can avoid the minimum balance charge, we will tell you two things, one of which you pay, you will not have to pay the Minimum Balance Charges.
Calculate Minimal Balance
Let's assume that there is a condition to keep minimum balance of 5 thousand rupees for your bank account. Minimal balance does not mean that you have to keep your account at least 5 thousand rupees. However, there is also a way.
Minimal Balance is a Monthly Average Balance. This means that the amount of money that comes into or out of your account within a month is calculated on average at the end of every month.
How to Avoid
The easiest way is that you always keep the amount of 5 thousand rupees in your account every month. This will increase the monthly average of every month, which will be 5 thousand.
But if you are picking up and putting money, then you have to understand the formula for Minimize Balance.
The other way
You can open a small savings account if you want to remove the minimum balance. Almost all banks provide basic savings accounts, public accounts and some other accounts. Where you do not have to keep Minimum Balance.
In these accounts you will find all the features like a general savings account. However, it requires some limitations. By choosing one of these options, you can save your money as a minimum balance charge.
Read the original source
But if you can avoid the minimum balance charge, we will tell you two things, one of which you pay, you will not have to pay the Minimum Balance Charges.
Calculate Minimal Balance
Let's assume that there is a condition to keep minimum balance of 5 thousand rupees for your bank account. Minimal balance does not mean that you have to keep your account at least 5 thousand rupees. However, there is also a way.
Minimal Balance is a Monthly Average Balance. This means that the amount of money that comes into or out of your account within a month is calculated on average at the end of every month.
How to Avoid
The easiest way is that you always keep the amount of 5 thousand rupees in your account every month. This will increase the monthly average of every month, which will be 5 thousand.
But if you are picking up and putting money, then you have to understand the formula for Minimize Balance.
The other way
You can open a small savings account if you want to remove the minimum balance. Almost all banks provide basic savings accounts, public accounts and some other accounts. Where you do not have to keep Minimum Balance.
In these accounts you will find all the features like a general savings account. However, it requires some limitations. By choosing one of these options, you can save your money as a minimum balance charge.
Read the original source
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