Quick Answer: What Happens If I Don’T Maintain Minimum Balance In HDFC?

What is minimum maintaining balance?

The minimum balance for a bank account is the minimum dollar amount that must be maintained to receive certain benefits or to keep the account open.

Minimum balances can be enforced by charging fees, denying interest payments, or closing the account if the minimum balance is not maintained..

Can I close my HDFC account with negative balance?

Just put an account closure request and take receiving….. Either manager will close the account or the account will be dormant….. No need to pay these stupid penalties…… For account closure we need to make it positive, if do not want to close then no need to pay but your -ve amount will be increase month by month.

Can I temporarily close my bank account?

Banks don’t close a checking account temporarily as doing so is a contradiction in terms. Closing an account means the funds are refunded to the owner and the account ceases to exist. Banks sometimes temporarily suspend or freeze a checking account for reasons such as fraud prevention or legal judgments.

What happens if I don’t close my salary account?

If your bank account is no longer useful, best is to close the account. … The bank starts deducting charges for non maintenance of minimum balance. A senior executive of ICICI bank said, “We normally inform the employers in case the salaried account is discontinued due to non credit of salaries.

What will happens to salary account after resignation?

However, as the higher benefits are offered on the basis of the salary account, banks convert salary accounts into regular savings accounts when the employees quit their jobs. On conversion, the charges schedule and average monthly balance requirement of regular savings account comes into effect.

What will happen if we don’t maintain minimum balance?

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). … If customers fail to maintain this balance, they will have to pay a penalty of up to Rs 75 – every month!

Is HDFC zero balance account available?

Features of HDFC Bank’s Zero Balance Savings Account (BSBD): Customers can access the network of branches of the bank through this account. Key features of HDFC Bank BSBD account include zero balance and a free Rupay card, according to HDFC Bank on its website – hdfcbank.com.

Which HDFC account is best?

HDFC Bank Savings Account Interest Rates & Minimum Balance Required Updated on 2020Types of Savings AccountInterest RateMinimum Balance RequiredFamily Savings Group Account4.00%INR 40,000Basic Savings Bank Deposit Account4.00%Not RequiredInstitutional Savings Account4.00%Not RequiredBSBDA Small Account4.00%Not Required5 more rows

What is HDFC minimum balance?

Minimum balance requirement to open a savings account in HDFC Bank is Rs. 10,000 for metro Urban branches Rs. 5,000 For Semi Urban branches Rs. 2,500 for Rural branches is required to open a Savings Regular Account.

Can I close HDFC account before 1 year?

Can I close the HDFC account before 1 year? You can close your account anytime as you want. but if you close the account between 15 days and 12 months of opening a charge of Rs. 500 will be levied.

What is the charge for not maintaining minimum balance in HDFC?

Balance Non-Maintenance Charges*AMB Slabs (in Rs.)Metro & UrbanSemi Urban>=5,000 to < 7,500Rs. 300/-NA>=2,500 to < 5,000Rs. 450/-Rs. 150/-0 to < 2,500Rs. 600/-Rs. 300/-2 more rows

What is average monthly balance HDFC?

Assuming, a bank asks that you maintain Rs 5,000 as average monthly balance: On July 1, the balance in the account is Rs 5,000….HDFC Bank.AMB SlabMetro/UrbanSemi Urban/Rural0 to < 2,500Rs. 600Rs. 3003 more rows•Aug 6, 2018

Which bank has lowest minimum balance?

ICICI Basic Savings Account.HDFC BSBDA Small Savings Account.SBI Basic Savings Bank Account.Axis Bank Small Basic Savings Account.Indus Small Savings Account.Standard Chartered Bank’s Basic Banking Account.RBL Bank’s Abacus Digital Savings Account.IDFC Bank Pratham-savings account (BSBDA)

How can we avoid minimum balance charges?

Pay your bills online. If you use your bank’s online bill paying features, you can often avoid minimum balance fees. Even if you use the online bill paying as infrequently as once a month, many banks will credit this and will not charge the maintenance fees. Combine resources with a trusted friend.

Will bank account automatically close?

According to the RBI’s norm, if a customer discontinues using his or her account for 12 consecutive months then banks will automatically make then inactive, and more than extra inactive 12 months will make it a dormant account. So, we are here to guide you as to how you can close your inactive bank account.

Which bank is best Axis or HDFC?

But, in terms of interest rates, HDFC is a better option as its highest rate is 8%. Whereas, Axis Bank Home Loan Interest rates are can go upto 8.55%….People Also Look For.Home Loan Interest Rates January 2021Citibank7.13% – 8.03%HDFC6.80% – 8.00%ICICI Bank6.90% – 8.05%Indiabulls Housing Finance Limited8.99%9 more rows

Is it necessary to maintain minimum balance in HDFC?

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.