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No penalty for non-maintenance of minimum balance PMJDY
Posted on: 08/Mar/2017 12:39:49 PM
Reports from the SBI state that the decision to charge penalty for non-maintenance of minimum balance for savings account is exceptional for Basic Savings Bank, and Prime Minister’s Jan Dhan Yojana accounts.
The PradhanMantri Jan Dhan Yojana was introduced with the aim of ensuring financial services like banking savings, deposit accounts, insurance, pension, remittance, credit, etc to everyone affordably.
The campaign for financial inclusion got launched on 28th August 2014. There were at least 22.30 crore accounts under Public Sector Banks up to 1st March 2017.
Arundhati Bhattacharya, the chief of SBI made it clear that these PMJDY accounts are exceptional from minimum balance requirement. The financial inclusion accounts will not be imposed with these charges. The other banks, up to our knowledge, are already imposing these charges, she added.
Once this charging system comes to effect, the minimum balance in SBI accounts will have to be maintained. If not, penalty ranging between Rs 20 and Rs 100 will be applicable in metro cities.
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