Table of Contents
- 1 What if minimum balance is not maintained in HDFC account?
- 2 What happens if you don’t maintain minimum balance in savings account?
- 3 Can bank charge you for dormant account?
- 4 How can I release my hold funds in HDFC Bank?
- 5 How can I maintain my minimum balance in HDFC Bank?
- 6 How can I close my HDFC dormant account?
- 7 What is dormancy fee?
- 8 Why do banks charge inactive fees?
- 9 How can I escape from the HDFC bank account charges?
- 10 What are the HDFC Bank regular savings account rates & fees?
What if minimum balance is not maintained in HDFC account?
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.
What happens if you don’t maintain minimum balance in savings account?
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.
Can bank charge for not maintaining minimum balance on dormant account?
“It is advised that henceforth banks are not permitted to levy penal charges for non—maintenance of minimum balances in any inoperative account,” RBI said in a notification.
Can bank charge you for dormant account?
The amount you can get charged for inactivity fees varies from bank to bank, but typically the fee is between $5 and $20 a month. While some banks may not charge inactivity fees, many do, so it’s important to keep an eye on your accounts each month and do your research before opening a new bank account.
How can I release my hold funds in HDFC Bank?
Allocate the necessary funds in your bank account for the margin order using the Funds Hold & Release screen (My Trading Account -> Hold & Release -> Funds Hold & Release) in the event that your available margin limits are insufficient.
Can I close my HDFC account with negative balance?
ACCOUNT CLOSURE HDFC Bank, for example, doesn’t charge any fee if the customer closes the account within 14 days. If the account is closed between 15 days and six months, it charges ₹500, and ₹250 if it’s closed between six months and one year, according to its website.
How can I maintain my minimum balance in HDFC Bank?
In rural branches, HDFC Bank customers are required to maintain an average quarterly balance (AQB) of ₹ 2,500 to avoid penalty charges. 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.
How can I close my HDFC dormant account?
In Order to close your HDFC bank Account, you have to visit your nearest branch where you can ask for the account closure form. After obtaining the form fill all of the requirements and submit the form to the bank executive along with Debit Card, Passbook, and CheckBook.
How can I make my HDFC account dormant?
Activate Dormant Account
- Step1. Visit the branch and submit written application with your signature a sper operating instructions in the account.
- Step2. Submit self-attested proof of identity and address.
- Step3. Initiate any transaction and your account will be activated once again.
What is dormancy fee?
What are dormancy fees? Financial institutions sometimes charge an extra fee if you don’t use your account for an extended period. Called a dormancy fee or inactivity fee, it typically applies after several months of not using your account.
Why do banks charge inactive fees?
Banks and credit unions charge dormancy fees when accounts have remained inactive for a period of one year, meaning no withdrawals or deposits have been made. His father died 20 years ago, and the money sat dormant in the forgotten account.
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.
How can I escape from the HDFC bank account charges?
You can not escape from paying such charges. Extant rules provides such charges and every customer is bound to comply with. , Research Scholar of Economics in KIIT University. Unless you pay the average monthly balance charges HDFC Bank may not allow to operate the account. You may ask them to close the account without debiting further changes.
What are the HDFC Bank regular savings account rates & fees?
The HDFC Bank Regular Savings Account Rates & Fees are as follows: Description of Charges. Regular Savings Account. Minimum Average Balance Requirements. Metro / Urban branches: AMB Rs.10,000/-, Semi-Urban Branches: AMB Rs.5,000/- , Rural Branches: AQB Rs.2,500/- or Fixed Deposit of Rs. 10,000 for minimum 1 year 1 day period.
What is the penalty for a dormant account in HDFC Bank?
At present, the State Bank of India does not charge a penalty on dormant accounts. For operative accounts, HDFC Bank charges Rs 750 per quarter if their customers do not maintain a minimum average quarterly balance of Rs 10,000 in urban centres and Rs 5,000 in semi-urban areas.