Big news for Bank of Baroda account holders. Bank of Baroda stands as the second largest government bank in India when it comes to market capitalization, boasting a current market cap of approximately Rs 1.14 lakh crore. With millions of customers nationwide, this information is particularly relevant if you are one of them.
Today, we will explore the minimum balance requirements for your Bank of Baroda account according to the bank’s regulations. It’s important to note that failing to maintain this minimum balance will result in a penalty, which will be deducted directly from your account balance.
The minimum balance requirements vary based on the account’s location. For accounts in rural areas, the minimum balance is set at Rs 500. In semi-urban areas, this amount increases to Rs 1000, while accounts in major cities like Delhi and Mumbai require a minimum balance of Rs 2000. If you do not meet these minimum balance thresholds, the bank will impose a penalty directly from your account.
Regarding penalties for not maintaining the minimum balance, Bank of Baroda charges a fee if the minimum balance is not upheld on a quarterly basis. For accounts in metro and urban areas, the penalty is Rs 200, while accounts in semi-urban areas incur a fee of Rs 100. Therefore, it’s advisable to keep at least the minimum balance in your account to avoid these deductions and the associated hassle.