<p>In the event of minimum balance is not maintained, then these banks have started levying a fee, causing much inconvenience to customers of SB accounts.<br /><br />For example, a savings bank account holder with HSBC would now be required to maintain a minimum monthly average balance of Rs 75,000 against Rs 25,000 required earlier and a minimum of Rs 25,000 in a savings bank deposit.<br /><br />However, most foreign banks have maintainted that the move to enhance the monthly average balance has nothing to do with RBI removing the last bastion in administered rates. <br /><br />HSBC said the norm would be applicable to existing and new customers. For Citibank customers, the minimum requirement that a savings bank account holder is required to maintain is over Rs 2 lakh. However, these norms do not apply to salary accounts.<br /></p>
<p>In the event of minimum balance is not maintained, then these banks have started levying a fee, causing much inconvenience to customers of SB accounts.<br /><br />For example, a savings bank account holder with HSBC would now be required to maintain a minimum monthly average balance of Rs 75,000 against Rs 25,000 required earlier and a minimum of Rs 25,000 in a savings bank deposit.<br /><br />However, most foreign banks have maintainted that the move to enhance the monthly average balance has nothing to do with RBI removing the last bastion in administered rates. <br /><br />HSBC said the norm would be applicable to existing and new customers. For Citibank customers, the minimum requirement that a savings bank account holder is required to maintain is over Rs 2 lakh. However, these norms do not apply to salary accounts.<br /></p>
