Saving Account

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For modest balances, banks may accept a legal heirship certificate with indemnity bond

Reserve Bank of India Governor Sanjay Malhotra on Monday said banks are free to decide the minimum balance for savings accounts and that it does not fall under the regulatory domain of the RBI. He was speaking to reporters on the sidelines of a function on 'Financial Inclusion Saturation Drive' organized at Gozaria village panchayat in Gujarat's Mehsana district. Asked about a private bank increasing the minimum balance required for savings accounts, Malhotra said, "The RBI has left it to individual banks to decide on what minimum balance they want to set. Some banks have kept it at Rs 10,000, some have kept Rs 2,000 and some have exempted (customers). It is not in the regulatory domain (of RBI)." In a recent decision, private lender ICICI Bank increased the minimum balance requirement for those opening new savings accounts from August 1. The minimum average monthly balance (MAB) has been increased by five times to Rs 50,000 from Rs 10,000 on savings bank account, as per the ...

Bank of Baroda eliminates penalties for non-maintenance of Monthly Average Balance in standard savings accounts, effective July 1, 2025, though premium accounts remain exempt

Instead of chasing past returns, choose a fund with papers of high credit quality

This move is anticipated to benefit millions of Canara Bank customers, including salaried individuals, senior citizens, students, non-resident individuals, and first-time users of banking services

Annual interest rate for balance slabs between Rs 50 lakh and less than Rs 2,000 Cr is 3.25%

As part of organisational streamlining process, bank is harnessing synergies across all functions to optimise efficiencies and enhance customer experience, it said

SBI Chairman C S Setty discusses deposit mobilisation, challenges, and value addition at the Business Standard BFSI Insight Summit

According to provisional data, the CASA ratio of South Indian Bank dropped to 31.79 per cent from 33.83 per cent in the same quarter of the financial year 2022-23

Casa is also changing its profile as it is no longer low-cost money but it balances the asset-liability gaps and lowers banks' capital requirement

Monthly Average Balance >= Rs. 1,00,000 in Savings Account (or) Cumulative FD >= Rs 15,00,000 (Active FD in the name of the first holder)

The bank offers two subscription-based flexible plans: Monthly and Annual

Depending on one's financial position, requirements, larger financial goals and risk tolerance, both saving accounts and liquid funds can be beneficial

Growth of money kept in current accounts moderated to 8.8% this September, from 17.5% a year ago

Balances of Rs 10 cr and above to earn 3% rate of interest Oct 15 onwards; 2.7% rate unchanged on deposits below Rs 10 cr

The move builds on the existing credit-card partnership between the two companies. The Wall Street titan has pushed in recent years to expand its offerings for consumers

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For the next 25 years, we (financial institutions) have to be a lot more people-centric and try to see what they want, said Finance Minister Nirmala Sitharaman

Interest earned on balances in savings accounts held with banks or post offices is taxable under "Income from other sources". Did you know that you can actually save this tax to an extent?