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What is the minimum balance for savings account in Axis Bank?
Under the account, you have the option to either spend or maintain a balance (minimum) of Rs. 25,000 per month.
Will your bank account close if it reaches zero balance?
Yes, many banks allow you to close a bank account online, provided your account is in good standing and has a zero balance.
What happens if I don’t maintain minimum balance in Axis Bank?
2) If customers are unable to maintain the monthly balance limit, the bank will levy a penalty of Rs 10 per Rs 100 of the shortfall. The non-maintenance of monthly minimum balance charges will be in the range of Rs 50 to Rs 800, the lender said.
What happens if we don’t maintain minimum balance in Union Bank?
Closure of account within 12 months costs Rs. 173 for accounts with cheque book and Rs. 130 for accounts without cheque book….Charges for Shortfall of Average Quarterly Balance.
| Type of account | Minimum Balance Shortfall | Charges |
|---|---|---|
| Rs.251-500 | Rs.58 | |
| Rs.501-1000 | Rs.115 | |
| Without Cheque Book | Upto Rs.350 | Rs.22 |
| Rs.251-500 | Rs.43 |
What will happen if minimum balance is not maintained in BDO?
Falling Below Minimum Balance Fee will be collected if account falls below the required minimum MADB for two consecutive months. Account Dormancy Fee will be collected if account is dormant and falls below the minimum MADB. The revised collection and dormancy fee is effective April 25, 2017.
How long can a bank restrict your account?
If your account is frozen because the bank is investigating your transactions, freezes typically last about 10 days for simpler situations or around 30 days for more complicated situations. But because there are no hard-and-fast rules on this, it’s best to assume it could last a long time.
Is zero balance account available in Axis bank?
Axis Bank’s zero balance account offers a zero balance facility, a free debit card and unlimited free cash deposit. Axis Bank’s zero balance account allows you to access more than 12,000 Axis Bank ATMs, over 2,500 Axis Bank branches as well as internet, mobile and phone banking services.
What is the penalty for not maintaining minimum balance in Axis?
Monthly Service Fee (MSF) of Rs.5 for every Rs.100 shortfall plus Rs. 75 in required balance or Rs. 500, whichever is lower, with a minimum charge of Rs. 75. Waived off if AMB is maintained.
What banks have no minimum balance?
– Axos Bank Essential Checking – Bank of the West – BB Student Checking – Citizens Bank
What is SBI minimum balance?
According to the SBI bank instructions, the minimum balance required for savings account holders is Rs. 5,000 in metropolitan areas. Similarly, in the urban areas, the customers need to maintain the average monthly balance should be Rs. 3,000.
What is the minimum balance of a checking account?
DEFINITION of ‘Minimum Balance’. For bank accounts, the minimum balance is the minimum dollar amount that a customer must have in an account in order to receive some sort of service benefit, such as keeping the account open or receiving interest.
What is minimum balance savings account?
Typical Minimum Balances (Individual Accounts) Many banks offer savings accounts for which there is no minimum balance. The banks that do have minimum balance requirements usually keep the requirement fairly low — around $100 or less — because they understand consumers can go elsewhere if they can’t meet minimum balance requirements.