What is minimum balance limit in Indian Bank?
The minimum balance requirement to open a savings account with Indian Bank is Rs. 250 for non cheque operation and Rs. 500 for cheque operation. If any individual does not maintain the minimum balance then non-balance maintenance charges are levied.
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 Overseas Bank||500-1000||3.25% – 3.50%|
|IndusInd Bank||0/10000/25000/2500000||4.00% – 6.00%|
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).
Does Indian Bank have zero balance account?
In addition to no minimum balance, the Indian Bank zero balance account does not have any initial deposit. It means that one can open the savings account without any deposit.
What is bank minimum 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.
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 uncleared amount in Indian bank?
Uncleared balance means the balance which is waiting to be cleared from the clearing process and has not yet been debited or credited to your bank.
How minimum balance is calculated?
MAB is the average of all the closing-day balances in a given month. To calculate the MAB, you need to add each day’s end-of-the-day balance and divide it by the number of days in that month.
How do I check my zero balance?
Calling a Toll-Free Number
- Call 1800-270-3333 to check your account Balance.
- Dial 1800 1800-270-3355 to check your Mini statement.
- You can call 1800-270-3377 to get Account Statement.
- You can call 1800-270-3344 for mobile banking.
What happens if my bank account balance is zero?
The RBI has asked banks to stop imposing charges for non-maintenance of minimum balance once the balance in a savings account touches zero. … Although banks do not pursue recovery of the amount due under negative balance accounts, the customer stands to lose if he deposits funds into the account.