My account was charged for not maintaining the minimum balance. What should I do next?
What happens if my 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).
Can I recover the money that got deducted for not maintaining minimum balance?
In case the minimum balance is not restored within a reasonable period, which shall not be less than one month from the date of notice of shortfall, penal charges may be recovered under intimation to the account holder. The policy on penal charges to be so levied may be decided with the approval of Board of the bank.
What happens if account goes below minimum balance?
People having their savings accounts in various banks have to maintain a certain sum of money in their bank accounts. When this account balance falls below the required threshold amount, the bank levies a penalty on the account holder for failing to meet the requirements.
How do I get rid of Mab 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 not maintaining minimum balance affect cibil score?
CIBIL does not keep a track of the number of saving operative accounts and negative balances. So, it has no role in deciding your CIBIL score. However, one should close all its inoperative accounts from their financial perspectives.
Which bank does not charge minimum balance?
The Basic Savings Bank Deposit (BSBD) account of the State Bank of India (SBI) does not have a mandatory minimum average balance.
Can bank recover non-maintenance charges?
(ii) In case the minimum balance is not restored within a reasonable period, which shall not be less than one month from the date of notice of shortfall, penal charges may be recovered under intimation to the account holder.
Do I have to pay for dormant account?
No. Banks are not supposed to charge for reactivation of dormant accounts.
Can I close my HDFC Bank account with negative balance?
You won’t be able to terminate your account online if you have a negative balance. To make the amount zero, you can make an online money transfer into the account. However, you must visit the branch to finish the account closure process and submit the account closure form.
What happens if I don’t maintain minimum balance in SBI?
SBI says no minimum balance penalty, SMS charges on all savings accounts. India’s largest bank State Bank of India or SBI said that it is not charging savings bank account customers for non-maintenance of minimum balance and it has also waived SMS charges. “Good news for SBI Savings Account holders!
How do banks maintain minimum balance?
Tips to maintain Minimum Average Balance
- Don’t open multiple accounts. One way to reduce the hassle of maintaining a minimum average balance month after month is by operating only one Savings Account. …
- Make lump sum deposits. This is a clever way to maintain your MAB. …
- Intelligent withdrawal of money.
What happens if I don’t maintain minimum balance in HDFC?
For savings account in metro cities, HDFC Bank may charge you as much as 600 rupees for not maintaining the minimum balance. With service Tax and other cess, the amount is more than Rs 600. The minimum balance limit in case of HDFC Bank is Rs 10,000 for urban branches and Rs 5,000 for semi-urban branches.
What happens if you go below minimum balance BDO?
Account Closure Fee will be collected if account is closed within 30 days from account opening. 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.
What happens if I don’t maintain my minimum balance in SBI?
SBI says no minimum balance penalty, SMS charges on all savings accounts. India’s largest bank State Bank of India or SBI said that it is not charging savings bank account customers for non-maintenance of minimum balance and it has also waived SMS charges.
What happens if I didn’t close my bank account?
If you still don’t take any action, the bank will send a letter declaring the account dormant. Charges: An inoperative account may not affect your credit history. But, it would attract a penalty, depending on the bank’s policy.
What happens if I don’t maintain minimum balance in HDFC?
For savings account in metro cities, HDFC Bank may charge you as much as 600 rupees for not maintaining the minimum balance. With service Tax and other cess, the amount is more than Rs 600. The minimum balance limit in case of HDFC Bank is Rs 10,000 for urban branches and Rs 5,000 for semi-urban branches.
Can I close my HDFC Bank account with negative balance?
You won’t be able to terminate your account online if you have a negative balance. To make the amount zero, you can make an online money transfer into the account. However, you must visit the branch to finish the account closure process and submit the account closure form.
What happens if your account balance is negative?
When you have a negative balance in your deposit account, the bank can charge you overdraft fees, freeze your account or even close it if the negative balance persists. Usually, banks report bank accounts that are closed with a negative balance to credit agencies.
How can I avoid my HDFC debit card charges?
So, if your pocket allows switching to a higher or premium category bank account, will help you get rid of all such charges. Say for instance, HDFC Bank’s Savings Max account offers free transactions at all ATMs clubbed with other benefits. 2.
What is the annual fee of HDFC debit card?
Premium Millennia Debit Card Rates & Charges
| Description of Charges | Premium Salary Account |
|---|---|
| ATM Card | Free |
| ATM Card – Replacement charges | Rs. 200 (plus taxes as applicable) |
| Debit Card – Annual Fee – Regular / Rewards | Free |
| Debit Card – Annual Fee – Titanium | Free |
What is minimum balance in HDFC Bank?
For regular savings accounts held in HDFC Bank’s metro and urban branches, the customer is required to maintain an average monthly balance of ₹ 10,000 to avoid penalty charges, according to the lender’s website – hdfcbank.com. In semi-urban branches, an average of ₹ 5,000 is required.
Is HDFC debit card chargeable?
Rs. 150 + applicable taxes. **For HNW Customers (Classic, Preferred & Imperia), the Debit Card will be free, as long as the customer is part of the respective program. For Corporate Salary customers, the charges will be as per corporate eligibility, as long as the customer is part of the respective corporate.
How do I cancel my HDFC debit card?
NetBanking
- Step1. Login to NetBanking using your NetBanking ID and Password.
- Step2. Click on the Debit Card tab and then on Debit Card Hotlisting at the left-hand side. …
- Step3. Click on the Debit Card number you wish to hotlist.
- Step4. Select the reason for hotlisting and confirm.
- Step5.
What happens if I don’t use my debit card?
You may be charged an inactivity fee if you do not use your card for a certain period of time. Prepaid card providers generally charge either a monthly fee or an inactivity fee, but not both. Remember, if your provider charges a monthly fee, you will continue to be charged this fee even if you’re not using your card.
How can I close my HDFC Bank account?
How to close HDFC Bank Account Permanently
- Withdraw the Balance Amount from your HDFC Bank Account. …
- Download the HDFC Bank Account Closer Form. …
- Fill Out The HDFC Bank Account Closer Form. …
- Attach your KYC Documents. …
- Submit Balance Cheque Leaves, Debit Card, and Passbook.
Do banks charge for closing an account?
Typically, it doesn’t cost anything to close a checking, savings or money market account. Time-deposit accounts, such as certificates of deposit (CDs), may issue a penalty. Most banks and credit unions charge an early withdrawal penalty if you close a CD account before its maturity date.
Can I close my HDFC account online?
Unfortunately, You can’t close the HDFC Bank Account Online. However, to close the HDFC account, you don’t have to visit the home branch. You can find the account closure form online, download it and visit the closest HDFC Bank office to close your HDFC Account on the web.
Is it necessary to close salary account?
While it is better to close your old salary account after a job switch, there may be situations where carrying on with your existing salary account would make more sense. Salary accounts offer higher benefits than regular savings accounts without any minimum average balance (MAB) requirements.
How can I close a bank account?
To close the account, call your bank, visit the bank in person, or write a letter to their offices. Your bank will have you sign an account closing form to make it official. If you don’t withdraw the cash first, then your bank will send you a check when the account has closed.