Minimum Balance Limit: This bank has changed the minimum balance rules, if you also have an account then know the important update..

Minimum Balance Rules: Whenever you open an account in a bank, the bank asks you to maintain a minimum balance. Every bank has its rates for minimum balance and there are some rules regarding this.

Now recently, a big bank of the country, Bank of Baroda, has changed the rates of minimum balance (BoB minimum balance). If you do not know about these changes, then you may have to pay a heavy penalty for this.

Market cap of Bank of Baroda -

Bank of Baroda has many branches across the country. In terms of market cap, it is the second-largest government bank in India. Talking about the market cap of this bank (Market cap of BoB), it is around Rs 1.14 lakh crore. Today, crores of customers have accounts in this bank.

If you are also a customer of Bank of Baroda, then you should also know about the minimum balance maintenance amount. If you do not maintain the balance, then customers may have to pay a higher penalty.

Minimum balance limit according to areas-

Bank of Baroda has fixed a minimum balance limit for customers (BoB minimum balance limit). The minimum balance limit for the accounts of Bank of Baroda branches located in rural areas is Rs 500. Apart from this, the minimum balance limit for the accounts of Bank of Baroda located in semi-urban areas is different.

The minimum balance limit for the accounts of people living here is Rs 1000 and along with this, the minimum balance limit for the accounts of Bank of Baroda located in big cities like Delhi-Mumbai has been fixed at Rs 2000.

This much fine can be charged-

Bank of Baroda gives you three months to maintain the minimum balance and if you do not maintain the minimum balance on a quarterly basis, then a fine can be charged from you for this. The amount of penalty has also been fixed according to the area. For example, the penalty imposed by the Bank of Baroda for metro and urban area accounts is Rs 200.

At the same time, the amount of penalty (BoB minimum balance penalty) for accounts in semi-urban areas has been fixed at Rs 100. If you want to avoid paying the penalty, then maintain at least the minimum balance in the bank account, otherwise the penalty amount (BOB Fine Amount) can be deducted from your account.

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