‘Most PSBs have removed min balance charges in savings a/c’

New Delhi: Most public sector banks (PSBs) have removed their minimum balance charges in general savings bank accounts, while some have rationalised to promote financial inclusion, Minister of State for Finance Pankaj Chaudhary said on Monday.

As per the Reserve Bank of India’s direction, there is no requirement to maintain a minimum balance on Basic Savings Bank Deposit Account (BSBDA).

Under the Pradhan Mantri Jan Dhan Yojana, banks are required to open accounts without any minimum balance requirement.

Certain basic banking facilities, such as deposits, withdrawals, ATM and cards, are to be provided in case of BSBDA accounts without any charges, Chaudhary said in a written reply in the Lok Sabha.

“In alignment with the spirit of financial inclusion and implement customer-centric banking, most Public Sector Banks (PSBs) have removed their minimum balance charges in general savings bank accounts also, while some have rationalised, as per their board-approved policy,” he said.