Table of Contents
- 1 Does a Fixed Deposit count towards my minimum balance in HDFC?
- 2 What happens if minimum balance is not maintained HDFC?
- 3 What happens after minimum balance is not maintained?
- 4 How can I close my fixed deposit in HDFC Bank?
- 5 What are the penalty charges in HDFC Bank for insufficient balance?
- 6 Is hdhdfc Bank fixed deposits a good source of income?
Does a Fixed Deposit count towards my minimum balance in HDFC?
In case of fund requirements, the bank automatically liquidates the Fixed Deposit to meet the fund requirements. Otherwise, the excess funds earn interest at Fixed Deposit rates. For example, if the minimum balance needed to be maintained is Rs. 50,000 into a Fixed Deposit.
What happens if minimum balance is not maintained HDFC?
Banks are allowed to charge non-maintenance of minimum balance penalty to the customers but there is no cap on the charges. So, if the AMB is below ₹2,500 in an urban branch account, the charges are ₹600 per month while if the AMB is less than ₹10,000 but above ₹7,500, the charge is ₹150.
Is Fixed Deposit considered in minimum balance?
The bank asks you to maintain a minimum balance of Rs 1000. In return for this, the bank pays interest on the term deposits. However, you are not allowed to withdraw your money before expiry of the fixed duration. For example, you hold a fixed deposit (FD) of Rs 10,000 for a period of five years with the bank.
What happens after minimum balance is not maintained?
If customers fail to maintain this balance, they will have to pay a penalty of up to Rs 75 – every month! 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).
How can I close my fixed deposit in HDFC Bank?
Via NetBanking
- Login to NetBanking using your NetBanking ID and Password.
- Select Liquidate Fixed Deposit option under the Fixed Deposit menu on the left.
- Select the Fixed Deposit account number from the drop-down lists.
- Click on Continue and Confirm the details entered.
What is the minimum balance required in hdhdfc Bank for savings account?
HDFC Bank requires its savings account holders to maintain a minimum average monthly balance. The amount differs for urban and metro banks and rural and semi-rural banks. For urban and metro branches, the minimum average balance is Rs.10,000.
What are the penalty charges in HDFC Bank for insufficient balance?
Customers holding a fixed deposit of ₹ 10,000 and above for a minimum term of one year and one day are also exempt from the penalty charges, according to the HDFC Bank website. 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.
Is hdhdfc Bank fixed deposits a good source of income?
HDFC Bank Fixed Deposits and the interest on them are a good source of income – in a safe and assured manner. Choose a tenure and amount of your choice to grow your income in a steady fashion. You can open an FD for as less as ₹ 5,000, and use it as a back-up for your savings or current account with Sweep-in and Super Saver Facilities.
What is the average monthly balance of HDFC Bank in India?
HDFC Bank has set an average monthly balance of ₹ 10,000 for the regular savings accounts in its metro and urban branches. In its semi-urban branches, customers are required to maintain a monthly average (AMB) of ₹ 5,000 in their regular savings accounts, according to the HDFC Bank website.