CURRENT AFFAIRS

Detailed explanation-1: -UnionBank Personal Savings Account This no-minimum-balance checking account may be opened in person at any UnionBank location, or via the bank’s mobile app. You can manage your finances and make purchases whenever you choose, all via the same convenient app. It also has lesser transfer fees.

Detailed explanation-2: -SBI used to levy a fine of ₹ 5 to ₹ 15 depending on the branch location where the account was opened. The customers were required to maintain an average monthly balance of ₹ 3000, ₹ 2000, and ₹ 1000 in their accounts, depending on the location of their branch.

Detailed explanation-3: -If the bank goes below the level required the bank charges you a penalty ranging from Rs 600 to Rs 150 depending on the amount of balance. For example, if the balance falls below Rs2500 then Rs 600 penalty is charged and if it is between 7, 500 and less than Rs10, 000 it is Rs 150 (for metro and urban accounts).

Detailed explanation-4: -SBI Savings Account Minimum Balance 2022 and Penalty The average minimum balance for Metro & Urban Centre branches was Rs 3000 and Rs 2000 for semi-urban centre branches while that for rural branches was Rs 1000.