Your question: What is the penalty for not maintaining minimum balance in Indian bank?

They charge their account holders for the non-maintenance of minimum average balance (MAB). Yes, the government had given a waiver on this till the end of June, but, that period is over. If customers fail to maintain this balance, they will have to pay a penalty of up to Rs 75 – every month!

What is the charge for not maintaining minimum balance in Indian bank?

250 for non cheque operation and Rs. 500 for cheque operation. If any individual does not maintain the minimum balance then non-balance maintenance charges are levied.

What is the minimum balance required in Indian bank?

Overview of Indian Bank Savings Bank

Bank Indian Bank
Initial Deposit Requirements Nil
Minimum Amount Minimum amount for non-cheque operation is Rs.250/- Minimum balance for cheque operation is Rs.500/- Pensioners and bonafide students may have lesser minimum balance
Debit Card Offered Free ATM cards/Debit cards provided

What happens if minimum balance is not maintained?

If the minimum balance of Rs 500 is not maintained, then an account maintenance fee of Rs 100 will be charged from the account. As per the website, December 11, 2020 is the last date by which post office savings account holders are required to ensure that a minimum balance is maintained in their savings accounts.

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Can we have zero balance in Indian bank?

Customers of the Indian Bank zero balance account don’t have to keep any minimum balance on a monthly or quarterly basis. Also, the zero balance feature is available for individuals residing in the urban and rural centres and no penalty is charged for not keeping any balance.

How can we avoid minimum balance charges?

You can open a zero balance account by completing the know your customer (KYC) formalities, and the biggest advantage of such accounts is that there is no need to maintain a minimum balance. “Most banks offer a zero balance account where the MAB you need to maintain on both a monthly and a quarterly basis is zero.

Which bank has the lowest minimum balance?

List of All Banks Savings Account Interest Rates and Minimum Balance 2021

List of Savings Account Banks Minimum Balance Required(INR) Savings Account Interest Rates (p.a.)
ICICI Bank 0/1000/2000/2500/5000/10000 3.00% – 3.50%
IDBI Bank 500/2500/5000 3.30% – 3.80%
IDFC Bank 25000 6.00% – 7.00%
Indian Bank 250/500/1000 3.00%

Which bank has zero balance?

Latest Interest Rate for Zero Balance Savings Account

Bank Name of zero-balance savings account Interest rate
Kotak Mahindra Bank 811 4% to 6%
Standard Chartered Bank Basic Banking Account 0.5% to 4.90%
HDFC Bank Basic Savings Bank Deposit Account 3.50% to 4%
Axis Bank Basic Savings Account 3.50% to 4%

What is the 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.

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Can I withdraw my minimum balance?

You have the right to withdraw the entire funds any time and can maintain zero balance in this basic savings account. Usually, the savings bank account requires you to maintain a certain balance. If your balance falls below this limit, your bank charges you.

How much money is deducted for not maintaining balance?

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.

How is 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: … EOD balance is Rs 1,000.

Which is best bank in India?

This bank beat SBI, HDFC & ICICI to top Forbes’ ‘World’s Best Banks’ list in India

  • Rank 6 | Axis Bank.
  • Rank 5 | Kotak Mahindra Bank.
  • Rank 4 | HDFC Bank.
  • Rank 3 | ICICI Bank.
  • Rank 2 | CSB Bank.
  • Rank 1 | DBS Bank | DBS was ranked #1 out of 30 domestic and international banks in India for the second consecutive year.

Which bank account is best in India?

Top Banks that have the Best Savings Account for Individuals

  • State Bank of India (SBI) Savings Account.
  • HDFC Bank Savings Account.
  • Kotak Mahindra Bank Savings Account.
  • DBS Bank Savings Account.
  • RBL Bank Savings Account.
  • IndusInd Bank Savings Account.
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Which online bank account is best?

Best Online Savings Account 2020

Best Online Savings Bank Account 2020
Account Name Interest Rate (up to Rs. 1 lakh) % p.a.
Kotak 811 Savings Account by Kotak Mahindra Bank 3.50%
IndusInd Online Savings Account by IndusInd Bank 4.00%
Digital Savings Account by Standard Chartered Bank 3.00%
Chants of India