Quick Answer: What Happens If I Dont Maintain Minimum Balance?

What is average monthly balance HDFC?

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.

On July 12, withdrawal of Rs 4,000 takes place.

EOD balance is Rs 1,000….HDFC Bank.AMB SlabMetro/UrbanSemi Urban/Rural>=2,500 to < 5,000Rs.

450Rs.

1500 to < 2,500Rs.

600Rs.

3002 more rows•Aug 6, 2018.

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.

Is it necessary to maintain minimum balance?

Various banks have prescribed minimum balances, which an account holder is required to maintain, failing which, a charge is levied. … Bank used to levy a penalty of ₹5 to ₹15 plus taxes on non-maintenance of AMB. The government has also waived charges on ATM cash withdrawals from other banks.

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

Minimum Balance: What amount you need to keep in your savings account?BankMAB (Rs)Penalty for Non-maintenance of MAB (Rs)*Urban / Metro10,000625/- per quarterAxis BankMetro/Urban10000100-500Semi-urban5000100 – 25019 more rows•Mar 12, 2018

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.

How can we avoid minimum balance charges?

To avoid such circumstances, you can opt for a zero balance account. You can open a zero balance account, even if you are a non-salaried account holder of a bank. With this option, account holders will not be required to maintain a monthly average balance.

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

What happens if I don’t maintain minimum balance in HDFC?

HDFC Bank charges a fee to the tune of ₹ 150-600 (excluding taxes) for insufficient balance in regular savings accounts held in its metro, urban and semi-urban branches.

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.