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    Hey friend,
    I remember the day I got back-to-back calls from my bank. In a frantic hurry, I asked them what was wrong. The customer care representative told me that I had incurred a charges for not maintaining minimum balance. To my surprise, I was unaware of this charge before. Keep reading to know more.

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    Can bank charge for not maintaining minimum balance?

    Most banks have a rule that account holders need to maintain a minimum balance in their accounts. Each bank and bank branch sets its MAB ( Minimum account balance) requirement.

    To give you an example, Axis Bank and Kotak Mahindra Bank charge a penalty based on the type of account each person has. Whereas, the Bank of Maharashtra and other state banks have set the minimum balance at Rs 2,000.

     

    What is non -maintenance charges?

    It is a maintenance fee set by the bank wherein the saving account needs to have the minimum account balance. The non - maintenance fee can be up to Rs 75 - every month!

    Certain banks offer their customers a zero balance account where they don't need to maintain a monthly and a quarterly minimum balance.

    This is all from my end on the topic of ‘charges for not maintaining minimum balance’.

    Read more :

    how much fine for not maintaining minimum balance in sbi
    What is the minimum balance in Indian bank ?
    How much HDFC Charges for Not Maintaining Minimum Balance?

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


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