Frequent question: Does Indian bank charges for minimum balance?

60 cheque leaves are provided at no additional cost. Free mobile banking and internet banking. 2 RTGS and NEFT transactions are allowed every month at no additional cost. No charges are levied in case the minimum balance is not maintained.

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

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 happens if you don’t maintain minimum balance in Indian Bank?

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). … If customers fail to maintain this balance, they will have to pay a penalty of up to Rs 75 – every month!

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How much is the minimum balance in Indian Bank?

To maintain an Indian Bank Savings account, you require a minimum balance of Rs. 250 for non cheque operation and Rs. 500 for cheque operation. Indian Bank personalized account number and cheque book enhances security and ensures your money is safe.

What is a minimum balance fee?

A minimum balance fee is a fee that many banks charge when your account balance drops below a certain amount. For instance: If the minimum balance required in your checking account is $500, but you only have $400, you would be charged a minimum balance fee.

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%

Which bank has 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%

What happens if you go below minimum balance?

If the account falls below the minimum balance it may be assessed fees, denied interest payments, or closed. The minimum balance is usually calculated as the actual dollar balance in the account but may be an average balance in the account over a certain period of time.

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How is minimum balance calculated?

Debit balances are taken as zero for MAB calculation. Monthly Average Balance = Sum of closing balance for all days in a month (Day 1 + Day 2 + Day 3 +…… + Day 30) Divided by Number of Days in a month (30).

How much interest do Indian banks pay?

Comparison of FD Rates

Name Highest Interest rate
AXIS Bank 2.50% – 5.75% 3 months – 10 years
SBI Bank 2.90% – 5.40% 3 Months – 10 Years
Equitas Bank 3.50% – 6.50% 3 months – 10 years
Bajaj Finance 5.65% – 6.50% 1 year – 5 years

Can I open zero balance account in Indian bank?

Indian Bank zero account opening can be done by filling up the account opening form that can be downloaded. One can fill the form and submit it with the attested identification, address proof and few passport-sized photos.

What is the minimum amount for saving account?

The minimum average monthly balance requirement is Rs. 10,000 for metro cities, Rs. 5,000 for semi-urban cities and Rs. 2,500 for rural cities.

What is NCB minimum balance fee?

US$4.12 per entry, if balance falls below US$1,000.00. Minimum charge per month US$14.42. 3 FREE debit card transactions (using NCB ABMs and POS machines) per month.

Why do banks charge minimum balance?

Financial institutions impose minimum balances because, simply put, customers cost them money. Your bank or credit union has to pay overhead to run branches, maintain accounts, deliver customer service and more.

What is minimum daily collected balance?

In banking, a minimum daily balance is the minimum balance that a banking institution requires account holders to have in their accounts each day in order to waive maintenance fees. … This is how most checking account balances are measured.

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