Quick Answer: What Happens If Minimum Balance Is Not Maintained?

Is HDFC zero balance account available?

You can open a Savings Account, but you don’t have to maintain a minimum balance for it.

Despite this, the bank will still provide the usual facilities that come with a regular Savings Account.

As the name of the account implies, this is a zero-balance account.

Consequently, there is no penalty in case of zero balance..

Can we keep SBI zero balance?

From now on all SBI customers will enjoy the zero balance facility in their savings bank accounts. … Currently, SBI savings bank account customers need to maintain an average monthly balance of Rs 3,000 in metro, Rs 2,000 in Semi urban and Rs 1,000 in rural areas.

What is minimum balance charge?

The minimum balance non-maintenance charges vary for urban, semi-urban and rural branch customers. … So, if the average minimum balance is below Rs 2,500 in an urban branch account, the charges are Rs 600 per month while if the AMB is below Rs 10,000 but above Rs 7,500, the penalty is Rs 150.

What is a minimum balance?

For bank accounts, the minimum balance is the minimum dollar amount that a customer must have in an account to receive some service benefit, such as keeping the account open or receiving interest.

What happens if I dont maintain minimum balance?

If customers fail to maintain this balance, they will have to pay a penalty of up to Rs 75 – every month! Source – PTI. Most banks require their customers to maintain a minimum balance in their account. They charge their account holders for the non-maintenance of minimum average balance (MAB).

What is the penalty for not maintaining minimum balance in Axis?

Monthly Service Fee (MSF) of Rs. 10 for every Rs. 100 shortfall in required balance or Rs. 300, whichever is lower, with a minimum charge of Rs.

How can we avoid minimum balance charges?

Pay your bills online. If you use your bank’s online bill paying features, you can often avoid minimum balance fees. Even if you use the online bill paying as infrequently as once a month, many banks will credit this and will not charge the maintenance fees.

What is minimum monthly balance?

Monthly Average Balance (MAB), also known as the minimum average balance is nothing but the minimum amount you are required to maintain in your Savings Account every month. The figure is calculated at the end of each month and failure to maintain this minimum average balance will result in penalties.

What is minimum balance in CBI?

Rs.50Minimum balance of Rs. 50/- No service charges for non maintenance of the minimum balance. 50 (Fifty) withdrawals per year free of charge.

Can I close my HDFC account with negative balance?

Either manager will close the account or the account will be dormant….. … For account closure we need to make it positive, if do not want to close then no need to pay but your -ve amount will be increase month by month. We may required hdfc in future for any loan so i think its better to pay and close the account.

What is minimum balance in SBI?

Currently, SBI savings bank account customers need to maintain an average monthly balance of Rs 3,000 in metro, Rs 2,000 in Semi urban and Rs 1,000 in rural areas. Further, the bank used to levy a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of average monthly balance as stated above.

What is HDFC minimum balance?

Customers of HDFC Bank in metro and urban branches are required to maintain an average monthly balance of Rs 10,000. HDFC Bank customers in its semi-urban branches have to maintain an average balance of Rs 5,000 per month.

How can I convert my SBI account to zero balance?

A simple one-page application form has to be filled in by the SBI savings account customer to get the account converted to BSBD account and submitted to the home branch where he or she is maintaining the account.

What happens if SBI account balance is zero?

Simply put, SBI customers keeping nil funds (or zero balance) in any type of savings account with the bank will not have to bear any penalty charges. … The customers were required to maintain an average monthly balance of Rs 3,000 in metro branches, and ₹ 2,000 and ₹ 1,000 in semi-urban and rural branches respectively.

What happens if minimum balance is not maintained in SBI?

For someone not maintaining ₹1,000, with a shortfall of less than or equal to 50%, will be charged ₹5 plus GST. The penalty for non-maintenance of minimum balance in a rural centre branches of SBI with a shortfall 50-75% will be charged ₹7.50% plus GST and more than 75% will be charged ₹10 plus GST, respectively.

What is average bank balance?

The average balance is the balance on a loan or deposit account averaged over a given period, usually daily or monthly. … A simple average balance between a beginning and ending date is calculated by adding the beginning balance and the ending balance together, then dividing that amount by two.

How is monthly minimum balance calculated?

MAB is the average of all the closing-day balances in a given month. To calculate the MAB, you need to add each day’s end-of-the-day balance and divide it by the number of days in that month. Assuming, a bank asks that you maintain Rs 5,000 as average monthly balance: On July 1, the balance in the account is Rs 5,000.

Which bank has zero balance?

Latest Interest Rate for Zero Balance Savings AccountBankName of zero-balance savings accountInterest rateStandard Chartered BankBasic Banking Account0.5% to 4.90%HDFC BankBasic Savings Bank Deposit Account3.50% to 4%Axis BankBasic Savings Account3.50% to 4%ICICI BankBasic Savings Account3.50% to 4%5 more rows

What happens if minimum balance is not maintained in HDFC?

For savings account in metro cities, HDFC Bank may charge you as much as 600 rupees for not maintaining the minimum balance. With service Tax and other cess, the amount is more than Rs 600. The minimum balance limit in case of HDFC Bank is Rs 10,000 for urban branches and Rs 5,000 for semi-urban branches.

Which bank has the lowest minimum balance?

List of All Banks Savings Account Interest Rates and Minimum Balance 2020List of Savings Account BanksMinimum Balance Required(INR)Andhra Bank0/5//100/1000Axis Bank0/10000/25000/100000Bank of Baroda0/5/1000Bank of India500/5000/10000/20000/10000033 more rows

Does landbank have Maintaining balance?

Products and Services Opening amount and maintaining balance is only Php 100.00. issued by LBP Overseas Officers and other ORG designated personnel upon application while the personal cards are issued by LANDBANK branches with the account holder’s name embossed in the card.