Bank-Specific Minimum Balance

• Minimum balance requirements vary between banks and account types.
• Most banks specify different limits for NRE, NRO, and FCNR accounts.
• Public sector banks may have lower balance requirements than private banks.
• Premium or special NRI accounts may offer zero-balance options.
• Details are provided in the bank’s account opening documents.

Currency of Minimum Balance

• NRE and NRO accounts generally require balances in Indian Rupees.
• FCNR accounts require minimum balances in designated foreign currencies.
• Currency type must match the account’s denomination rules.
• Conversion rates apply for minimum balance calculations in FCNR accounts.
• Banks specify acceptable currencies for each account type.

Account Type Variations

• Savings accounts have lower minimum balance requirements than current or deposit accounts.
• Fixed and recurring deposit accounts may not have a minimum balance after deposit.
• Salary-linked NRI accounts may waive minimum balance for a defined period.
• Joint accounts follow the same minimum balance as individual accounts.
• Special accounts for students or seafarers may have customized limits.

Penalty for Non-Maintenance

• Failing to maintain the required balance results in monthly or quarterly penalties.
• Penalty amounts are specified in the bank’s schedule of charges.
• Repeated non-compliance may lead to restrictions or account closure.
• Banks send alerts before imposing penalties for low balances.
• Some banks offer grace periods to restore required balances.

Review and Update of Requirements

• Minimum balance policies are reviewed periodically by banks.
• Updates may be communicated through official notifications or emails.
• Changes depend on regulatory updates or new product launches.
• Customers should review account terms regularly.
• Information is available on the bank’s official website and brochures.