What Is The Penalty For Not Maintaining Minimum Balance In Andhra Bank?

What happens if minimum balance is not maintained?

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!.

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. 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.

Do bank accounts automatically close?

No. Bank accounts don’t close automatically but they become inactive/dormant if no transaction takes place in a year. Banks are liable to maintain these accounts for 10 yrs after that it will be at banks discretion to close the account if it doesn’t worth keeping it after serving a letter to the customer.

How do I close my negative account balance?

Close Your Checking Account If you can’t pay your negative account balance, the best thing to do is try to get the account closed or frozen because most banks charge a negative account balance fee when your account is negative.

What is the minimum balance to maintain in Andhra Bank?

Rs. 150To maintain Andhra Bank Savings account, you require a minimum balance of Rs. 150. Andhra Bank personalized account number and cheque book enhances security and ensures your money is safe. You can get SMS Alerts and e-statement facilities with Andhra Bank Savings Account.

What is the minimum balance of central bank?

Rs.50Minimum balance of Rs. 50/- No service charges for non maintenance of the minimum balance. 50 (Fifty) withdrawals per year free of charge.

What is the limit of ATM withdrawal for Andhra Bank?

Toll Free Number : 1800 425 1515Card typeCash LimitsPOS terminals limitsVISA Debit cards/Rupay Debit cards (Both Chip and Non chip)Rs. 25,000/-Rs. 50,000/-VISA Platinum/Rupay Platinum Chip Debit CardsRs. 50,000/-Rs. 1,00,000/-ATM CardsRs. Rs. 25,000/-NIL

What is minimum average balance?

Monthly Average Balance (MAB), also known as the minimum average balance is nothing but the minimum amount you are required to maintain in your Savings Account every month. The figure is calculated at the end of each month and failure to maintain this minimum average balance will result in penalties.

What is minimum balance charge?

The minimum balance non-maintenance charges vary for urban, semi-urban and rural branch customers. … So, if the average minimum balance is below Rs 2,500 in an urban branch account, the charges are Rs 600 per month while if the AMB is below Rs 10,000 but above Rs 7,500, the penalty is Rs 150.

How can we avoid minimum balance charges?

To avoid such circumstances, you can opt for a zero balance account. You can open a zero balance account, even if you are a non-salaried account holder of a bank. With this option, account holders will not be required to maintain a monthly average balance.

Which bank has low minimum balance?

Top 7 Banks – Minimum Balance RequirementSavings AccountMinimum Balance RequirementSBI Savings Plus AccountMetro and Urban locations Rs. 3,000 Semi-urban locations Rs. 2,000 Rural locations Rs. 1,000Kotak Mahindra Bank Edge Savings AccountRs. 10,0005 more rows•Aug 8, 2018

How many times I can withdraw money from ATM in a day?

Here are some of the ATM cash withdrawal limits applicable to some of the top banks. According to the official website of ICICI Bank, a customer can withdraw up to ₹ 50,000 per day from any of its ATMs. SBI has lowered the limit to ₹ 20,000 from ₹ 40,000.

Which is better RuPay or Visa?

There are some limitations of using the RuPay card because it provides only debit card for online transactions, whereas Visa or MasterCard provides both the debit and credit card. 6. As, compared to international card, RuPay cards are more secure because its operations are limited within India only.

How many transactions are free in Andhra Bank?

Ten transactions per month are allowed free for Savings Account card holders on our bank ATMs in all locations (metros and non metros) besides eligible free transactions in other bank ATMs.

Which bank has zero balance?

Latest Interest Rate for Zero Balance Savings AccountBankName of zero-balance savings accountInterest rateStandard Chartered BankBasic Banking Account0.5% to 4.90%HDFC BankBasic Savings Bank Deposit Account3.50% to 4%Axis BankBasic Savings Account3.50% to 4%ICICI BankBasic Savings Account3.50% to 4%5 more rows