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What is the minimum balance for Indian bank savings account?
Overview of Indian Bank Savings Bank
| Bank | Indian Bank |
|---|---|
| Initial Deposit Requirements | Nil |
| Minimum Amount | Minimum amount for non-cheque operation is Rs.250/- Minimum balance for cheque operation is Rs.500/- Pensioners and bonafide students may have lesser minimum balance |
| Debit Card Offered | Free ATM cards/Debit cards provided |
What happens if minimum balance is not maintained in Indian bank?
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).
What is the minimum balance in Indian Bank 2021?
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.) |
|---|---|---|
| IDFC Bank | 25000 | 6.00\% – 7.00\% |
| Indian Bank | 250/500/1000 | 3.00\% |
| Indian Overseas Bank | 500-1000 | 3.25\% – 3.50\% |
| IndusInd Bank | 0/10000/25000/2500000 | 4.00\% – 6.00\% |
What is monthly average balance in Indian bank?
Overview of Indian Bank SB Platinum
| Bank | Indian Bank |
|---|---|
| Category | SB Platinum |
| Minimum Average Balance Requirements (MAB) | Minimum monthly average balance of Rs.25,000/- |
| Debit Card Offered | Free Indian Bank Debit card for one year from the date of first use |
| Interest Rate | Interest will be paid at the time of maturity |
What’s minimum balance?
What Is a 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.
Is minimum balance required in Indian bank?
❖ Customer is required to maintain certain minimum monthly average balance in the account as part of terms and conditions governing operation of savings accounts which shall be Rs. 500 for non cheque book accounts. For cheque book operated accounts, the minimum monthly average balance shall be Rs. 1000.
What is the minimum cash balance to be maintained by banks?
As per the extant instructions , the scheduled commercial banks (excluding RRBs) are required to maintain a minimum level of 65.0 per cent of CRR balances required to be maintained by banks on each of the day of the reporting fortnight beginning the first working day upto the 13th day and on the 14th day of the …
What is minimum escrow balance?
Minimum Escrow Balance ($) This is the minimum escrow balance, which must be kept in your account throughout the year. Most states, and therefore lenders, require a minimum balance equal to two months worth of escrow payments.
What is minimum balance requirement?
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 not to be confused with the average daily balance, which is computed as the sum of daily balances in a billing period divided by the number of days.
What is minimum balance fee?
A common fee is the minimum balance or maintenance fee. This is so-called because it usually depends on the minimum balance that you keep in your checking account. If you keep your balance high enough, you will not be charged the fee. There are alternative methods to avoiding a minimum balance fee at your bank.
What is a minimum balance?
The minimum balance definition in short is the minimum amount to maintain the account.