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What is the minimum balance in Kotak Mahindra Bank?
Rs.10,000
Kotak 811 Lite, Kotak 811 Limited KYC account and Kotak 811 Full KYC account are zero balance accounts. Hence, there is no need to keep a minimum balance. However, Kotak 811 Edge Account requires you to maintain minimum Average Monthly Balance of Rs. 10,000.
What happens if minimum balance is not maintained in HDFC Bank?
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 is the minimum balance for IDBI Bank?
You need to maintain an Monthly Average Balance (MAB) of Rs. 5000 in the Super Savings Account for Metro & Urban Branches, Rs. 2500/- for semi urban Branches and Rs. 500/- for Rural Branches.
What is the minimum balance in State Bank of India savings account?
March 12th 2020 SBI, the country’s largest bank, on Wednesday announced a waiver on maintaining the average minimum balance (AMB) requirement for all savings bank accounts. Currently, there is an AMB of ₹ 3,000, ₹ 2,000 and ₹ 1,000 in metro, semi-urban and rural areas, respectively.
Is Kotak 811 a zero balance account?
Kotak 811 is a zero balance saving account. This means that you don’t have to pay any penalties for not maintaining a minimum balance.
How does HDFC minimum balance work?
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 we avoid minimum balance charges?
You can open a zero balance account by completing the know your customer (KYC) formalities, and the biggest advantage of such accounts is that there is no need to maintain a minimum balance. “Most banks offer a zero balance account where the MAB you need to maintain on both a monthly and a quarterly basis is zero.
Does IDBI have zero balance account?
IDBI Bank introduces Small Account (Relaxed KYC) – a savings account that’s literally meant for everyone. Completely elementary in its approach and Zero Balance account for inclusive banking.
Which bank offers 0 balance account?
Latest Interest Rate for Zero Balance Savings Account
| Bank | Name of zero-balance savings account | Interest rate |
|---|---|---|
| Kotak Mahindra Bank | 811 | 4\% to 6\% |
| Standard Chartered Bank | Basic Banking Account | 0.5\% to 4.90\% |
| HDFC Bank | Basic Savings Bank Deposit Account | 3.50\% to 4\% |
| Axis Bank | Basic Savings Account | 3.50\% to 4\% |
What happens if minimum balance is not maintained?
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.