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We put money in the banks to keep it safe and get some return. Why should they lose the chance of earning some extra bucks. But, this gave me some important lesson. Today, I am sharing this lesson and some information about the minimum balance and charges on it with you.
Banks charge penalty if you do not maintain minimum balance in your saving account. Private Banks have higher limits for minimum balance. They charge more penalty than PSU banks. Private banks hdfc bank current account service charges charge penalty more often than PSU banks.
Actually, private banks try to weed out the low-income group people through this condition. They try to lure high income people and deter the low yielding accounts. In the saving account and current account, you have to maintain minimum average balance. Let us see how average balance is calculated. Below is the account statement of my account for the month of September I prepared the other table derived from this statement.
In my case, the total amount of the end of the day balances is 2,43, I have divided it by 30 to get the average balance of the month. It is 8, rupees. This amount is less than prescribed minimum balance limit of 10, Hence, I was charged a penalty. I will tell about it later in the article. Every bank has different limits for minimum balance hdfc bank current account service charges. Surprisingly Almost all the private banks have set the minimum balance limit at 10, for metro and urban area.
Minimum balance for government banks is far less. Almost all the PSU banks set the limit of 1, for metro and urban area, and rupees for rural and semi rural area.
Private Banks do wish for your non maintenance of minimum balance. The penalty they charge is almost equal to the earning from your 10, deposit for a year. Normally Indian Banks earn rupees from every 10, deposit in a year. But if your balance goes below the minimum limit, they charge the similar amount. Private hdfc bank current account service charges have two strata for penalty. If the average account balance is betweenthen they will charge lesser amount. For most of the private banks it is rupees excluding service tax.
In the case of PSU banks penalty charge on non maintenance of minimum balance is less than private banks. PSU banks take this penalty quarterly. You have 90 days of time to compensate lean balance days. While private banks would charge penalty thrice. Banks deduct the penalty amount from the account after the end of each month, if they charge it monthly. While hdfc bank current account service charges deduct penalty after the end of every quarter, if they charge it quarterly. Whenever, any amount comes into the account this negative amount would get deducted automatically.
I am the person behind this Blog. I started this blog just to share useful information. After getting overwhelming response this pastime became my passion. Now I am a full-time personal finance blogger.
I uses its debit card for shopping along with other cards and thus the balance for September and October went belowand they sent me an SMS regarding keeping the minimum balance. I deposited within 5 days. But, this month I observed suddenly a deduction of around Rs. I have account in Union Bank with penalty only Rs. Kotak Mahindra is the worst one regarding this. Now I have decided to close this account after reading your suggestions. Please advise me which the best way. A Shall I go to the bank and close the account hdfc bank current account service charges get the balance from there?
B Shall I withdraw the remaining amount fully through ATM and then go to the bank to close the account. C Shall I withdraw the remaining amount fully through ATM and just forget about the account that it will then go to a negative balance so that it stay like that for ever? Is there any legal procedure from the bank if we keep it unattended for ever? Please advise and help. B Shall I withdraw the remaining amount fully and then go to the bank to close the account.
C Shall I withdraw the remaining amount fully and just forget about the account that it will then go to a negative balance and stay like that for ever? HDFC has charged me for non maintainance of minimum balance. If they are so honest why dont they close the account.
Why do they keep it just to earn money. What will students who are not working do. I had taken a break between jobs cause of higher studies and now im a slave to these stupid policies of the banks. I have my saving account which has 0 balance it might have huge penalty it is so since to up to but meanwhile RBI has introduced no penalty for 0 balance account so may I know that the my account has any penalty now or not considering from I have one salary account in ING Bank.
I left from that job. Without prior intimation they converted my account to salary account. After that they are deducting AMB from past 1 year every month. Is banks are following that rule. If I want close my account what i need to do should i pay total amount or only one month AMB is enough i am so confused… could you please reply me sir. Sir can any one face same problem??? Again they deduct the money in the month of janaury now the account is showing debited Rs I am so confused will bank cotinue it?
Please suggest me i am so confused…. Sir for this issue visited the branch hdfc bank current account service charges told me you have to pay this amount to close your account. It is really a catch 22 situation. Banks used to charge hefty penalty for non maintenance of minimum account balance. Your penalty must be before 1 April The bank would deduct the amount as soon as it gets money in the account. Most of us had learnt this in hard way.
I think you should write to your bank manager or nodal officer for the waiver of this penalty. I think they would oblige you as they may lose a customer. Hdfc bank current account service charges think you must try to talk to them. SIRI want to know from you that can they collect the money in future…. Which in turn can reduce your loan eligibility. Hi, Same problem as others are facing. But now I get an sms saying my balance in — What should be my next step.
Should I pay and get the account closed or can I seek legal help? It is really disturbing to see such huge negative balance. Of late when I deposited rs, they deducted rs stating minimum amount balance not kept. What should I do now? Can I get my money back or should I close my account? I want to know that what is the criteria to maintain the CA account? Can I open the CA account in my name i. Is it mandatory to open the CA account in the name of shop?
Have any penalty charges for low balance? Please reply as soon as your possible. I am not using this account from hdfc bank current account service charges than 1 year. If Salary is not credited you your hdfc bank current account service charges for 3 continous months, the salary account is converted into saving account. That is why the bank is deducting MAB charge.