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.
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’.
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Answer ( 1 )
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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