Bank Minimum Average Balance: This lender hikes charges

Bank of Baroda has revised the said changes and it will come into effect from 1st February 2019.

Bank of Baroda has revised changes in the Minimum Quarterly Average Balance in Baroda Advantage Savings Account, Image source: Reuters

State-owned Bank of Baroda has revised changes in the Minimum Quarterly Average Balance in Baroda Advantage Savings Account. As per a tweet of the bank, "With effect from 1st February 2019 the Minimum Quarterly Average Balance in Baroda Advantage Savings Account will be updated"

The charges for non-maintenance of minimum balance is Rs.1,000 plus GST per quarter. However, Bank of Baroda has revised the said changes and it will come into effect from 1st February 2019.

The Minimum Quarterly Average Balance in Baroda Advantage Savings Account is to be increased for Metro and Urban branches from Rs 1000 to Rs 2000. For Semi- Urban branches, it has been increased from Rs 500 to Rs 1000 and for Rural branches, it is the same.

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With effect from 1st February, 2019 the Minimum Quarterly Average Balance in Baroda Advantage Savings Account will be updated. pic.twitter.com/0J6rKWaX87

— Bank of Baroda (@bankofbaroda) January 5, 2019

Currently, the minimum quarterly average balance required to be maintained in savings account for Metro/ Urban branch is Rs.1000 and for Semi-Urban/ Rural branch is Rs.500 respectively.

However, the price limit is increased by double in Metro/urban and semi-urban areas, whereas it is a good news for rural branches that there is no change made for minimum quarterly average balance in Baroda advantage Savings Account for rural branches account holders.

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Bank of Baroda (BOB)savings account