What if minimum balance is not maintained in South Indian Bank?

Charges for not maintaining minimum balance will be levied as per Bank’s approved policy framed in accordance with RBI guidelines. The structure of such charges will be published in Bank’s website and notice board of branch. Pass Book: … Withdrawals using cheque forms and Debit card can be effected without pass book.

Is minimum balance required for South Indian Bank?

No minimum balance needs to be maintained. An ATM card is provided at no additional cost. 10 cheque leaves are provided for free.

What happens if minimum balance is not maintained in Indian bank?

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 can I check my minimum balance in South Indian Bank?

SIB Missed Call Service enables you to receive account balance information without incurring the call cost. On giving a missed call to the allotted number- 09223008488, you will receive the balance in all active accounts linked to your registered mobile number via SMS.

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What is minimum balance charges 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.

Does South Indian Bank have zero balance account?

Basic Savings Bank Account: No minimum balance stipulations. Restriction of withdrawals up to 4 in a month (including ATM withdrawals). If exceeded, Rs. 20/- service tax per transaction will be charged.

Can I open zero balance account in South Indian Bank?

Salient Features of SIB Insta: Paperless Instant Account Opening. Choose your preferred branch. No minimum balance penalty for 6 months.

Online Account Opening-SIB Insta.

PRODUCT FEATURES AT A GLANCE
Particulars “SIB Insta”
Debit card Available only those who remit Rs. 1000
Debit card charges Nil Issuance Fee & zero AMC for 1st year

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.

What happens if you go below minimum balance?

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. … First of all you need to understand that, banks charge you penalty on non-maintenance of monthly average balance and not on minimum balance.

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Can I withdraw my minimum balance?

You have the right to withdraw the entire funds any time and can maintain zero balance in this basic savings account. Usually, the savings bank account requires you to maintain a certain balance. If your balance falls below this limit, your bank charges you.

Can I open zero balance account in Indian bank?

Indian Bank Basic Savings Bank Deposit Account (BSBDA)

Indian Bank zero account opening can be done by filling up the account opening form that can be downloaded. One can fill the form and submit it with the attested identification, address proof and few passport-sized photos.

What is the minimum balance in SBI?

In March this year, SBI had announced that it will waive charges for non-maintenance of average monthly balance (AMB) for all savings bank accounts. Earlier, SBI savings bank customers had to maintain average monthly balance of ₹3000, ₹2000 and ₹1000 in metro, semi urban and rural areas respectively.

Which bank account is best in India?

Top Banks that have the Best Savings Account for Individuals

  • State Bank of India (SBI) Savings Account.
  • HDFC Bank Savings Account.
  • Kotak Mahindra Bank Savings Account.
  • DBS Bank Savings Account.
  • RBL Bank Savings Account.
  • IndusInd Bank Savings Account.
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