What is the minimum balance to maintain in Andhra Bank?
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What is the minimum balance to maintain in Andhra Bank?
Rs. 150
To maintain an 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.
How much do bank charges for not maintaining minimum balance?
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.
What will happen if we don’t keep minimum balance?
Banks charge different charges based on the location of the account. The minimum balance non-maintenance charges vary for urban, semi-urban, and rural branch customers. If a customer fails to maintain this amount in an account, the bank will now charge a penalty of up to Rs 75 per month.
What is effective balance in Andhra Bank?
Effective available balance is the eligible amount of withdrawal. Available Balance : Balance Available in the Account. Effect Balance : Eligible amount of Withdrawal from the account through Finacle. For example, One Customer approach the Branch Post Office on 01.01.
What happens if my bank account balance is zero?
Banks levy penalty for non-maintenance of the minimum account balance in a regular savings account. A zero balance account scores over a regular savings account as you are not required to maintain a minimum balance. When you get yourself a zero balance account, you can keep any amount of money you want.
What is a minimum balance charge?
A minimum balance fee is a fee that many banks charge when your account balance drops below a certain amount. For instance: If the minimum balance required in your checking account is $500, but you only have $400, you would be charged a minimum balance fee.
How do banks maintain minimum balance?
Tips to maintain Minimum Average Balance
- Don’t open multiple accounts. One way to reduce the hassle of maintaining a minimum average balance month after month is by operating only one Savings Account.
- Make lump sum deposits. This is a clever way to maintain your MAB.
- Intelligent withdrawal of money.
What happens if AMB is not maintained?
Banks are allowed to charge non-maintenance of minimum balance penalty to the customers but there is no cap on the charges. So, if the AMB is below ₹2,500 in an urban branch account, the charges are ₹600 per month while if the AMB is less than ₹10,000 but above ₹7,500, the charge is ₹150.
Why do banks charge minimum balance fee?
Banks require minimum balances for a variety of reasons. It allows the bank to have more deposits, which in turn allows them to lend more money and maintain certain regulatory financial ratio requirements. It also allows them to profit from fees if balances are not maintained.
What is the penalty amount collected by banks for not maintaining minimum?
The penalty amount collected by public sector banks for not maintaining minimum balance has more than doubled in 2017-18. The total penalty collected in 2016-17 stood at Rs 864 crore while the amount for the first 8 months of 2017-18 has already reached Rs 2321 crore.
Do banks charge for non-maintenance of minimum balance?
Banks do not charge Basic Savings Bank Deposit accounts (BSBD) and Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts for non-maintenance of minimum balance. But for other accounts, banks are permitted to levy charges on various services rendered by them.
Is there any penalty for not maintaining minimum balance in Jan Dhan?
If account exists, then the amount will be credited. But if its not opened under JAN DHAN Scheme, then it will not attarct penalty. But the bank can ask for service charges for non maintenance of minimum balance.
Can balance be maintained above minimum level in bank account?
Balance may be maintained above minimum level, to avoid penalty, when charges like for SMS service, Locket tent, ATM transaction fee (for transactions exceeding permitted level) etc. Fir debits in account for reasons unknown, branch need be contacted.
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