Can the bank reduce the balance to -10000 in the name of the minimum balance? Know the rule to save money.

Bank Rules for Minimum Balance: It is important to know the minimum balance rule of the bank. If ignored repeatedly, then a charge can be deducted from the account. But can the bank reduce it to minus 10000? Know the answer.

In today's era, almost everyone has a bank account. Whether someone is living in a village. Or someone lives in a city. Banks have many rules. Almost all banks have a rule to maintain a minimum balance in the account. Many times, people take it lightly and think that only a small penalty will be imposed.

But if you do not follow this rule repeatedly. Then along with the penalty, your balance can go down considerably. In some cases it also goes into negative. Many people have a question in their mind that can the bank reduce the amount to minus 10000 rupees while charging in the name of minimum balance. Let us tell you. What are the rules regarding this?

Can banks make minimum balance up to minus 10000?

At present, in the country, except for a few banks like SBI, it is mandatory to maintain minimum balance in almost all banks. If minimum balance is not maintained repeatedly in your account, then banks deduct penalty. This charge can take the balance to minus. But if we talk directly, then banks do not take it to -10000 rupees directly.

Every bank has its own limit and rules. But if your account is linked to any loan, overdraft or auto-debit, then the balance can go more minus. Therefore, definitely read the rules of the account and keep the minimum balance on time. So that penalty and minus balance can be avoided.

What can you do to avoid money deduction?

If you want to save money from being deducted in the name of minimum balance, then for this, first understand the minimum balance rule of your bank. Because every bank has a different limit. If you want, you can open a zero balance or basic savings account. In which there is no condition of maintaining a minimum balance. In some banks, salary accounts are also free from this rule.

According to the Reserve Bank of India, banks can levy charges only if they have informed you about it earlier. Keep checking the balance through SMS alerts and net banking. If the charge has been deducted wrongly, then you can complain to the bank and if needed, you can take the matter to the banking ombudsman.