Question: What is minimum balance charges in Indian bank?

The minimum balance requirement to open a savings account with Indian Bank is Rs. 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 are the charges 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 is the minimum balance for 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 happens if minimum balance is not maintained in Indian Bank?

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). … 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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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 is 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.

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.

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

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).

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What is the limit of saving account?

There is no ceiling on maximum balance in Savings Bank account, except for Minors account and BSBDA-Small Account.

What is the maximum limit of saving account in India?

Thus, as cash deposits and withdrawals of Rs 10 lakh or more in a bank account in a financial year are required to be reported to the tax authorities, you need to be careful if you are exceeding the prescribed threshold. This limit is Rs 50 lakh and more in case of current accounts.

What happens when you pay minimum balance?

Paying only the minimum amount due on your credit card bill could impact your credit scores and cause you to pay a lot in interest. On the other hand, paying more than the minimum helps you save money, pay off your credit card balances faster and possibly improve your credit scores.

How can minimum balance fees be avoided?

5 Easy Hacks for Avoiding Minimum Balance Fees

  1. Put Your Accounts on Alert.
  2. Schedule Automatic Transfers.
  3. Pay With Your Debit Card.
  4. Switch to Online Statements.
  5. Set Up Automatic Bill Pay.
  6. Scope out Your Fee-Free Checking Account Options.

What is Capital One’s minimum balance?

deposit of at least $250 • No monthly service charge when you keep a minimum daily balance of $300 or more in this account OR • You receive at least one direct deposit in the amount of $250 or more each statement cycle.