Lots of people get surprised by looking into their negative balance and think can bank balance be negative. So, yes, a bank balance can become negative in India. According to the bank\'s policy, a person must keep the minimum amount, especially in their savings bank account when they first open one. The banks will impose a penalty if you don’t maintain it.
Can My Bank Account Go Negative?
Yes, but it is under certain circumstances, typically linked to overdraft facilities, charges, or technical reasons.- If your account has an overdraft facility, you can withdraw funds exceeding your available balance. This leads to a negative balance, effectively creating a short-term loan.
- Inactive accounts, non-maintenance of minimum balance, or other service fees result in a negative balance. Like your account balance is low, and the bank deducts charges, it may lead to a negative figure.
- In rare cases, technical errors or fraudulent activities may temporarily cause a negative balance. Notify the bank immediately if this occurs.
- If you issue a cheque or have an EMI auto-debit scheduled but lack sufficient funds, your account may go negative, subject to your bank’s policies.
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Can Bank Balance Be Negative?
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2024-12-30T17:02:28+00:00 2024-12-30T17:02:28+00:00Comment
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