Hello All,
I have a Savings account with a nationalized bank with a cheque book and minimum balance limit of Rs.1000/-.
Now the current balance is Rs.1200/-
What will happen if I issue a cheque to someone for Rs.1200/- and will the cheque get encashed?
Will I be penalized by the bank for not maintaining the minimum balance?
What would be the other consequences?
Regards,
Kunal
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All you need to do is read the agreement you signed when you opened the account. It’s probably not a wise decision.