| Minimum monthly average balance (MAB) Metro and urban locations – Rs.10,000 | Rural locations – Rs 2,000 | Gramin locations – Rs.1,000 | Charges for non-maintenance of minimum monthly average balance Metro/urban/semi-urban/rural locations: | Rs. 100 + 5% of the shortfall in required MAB |
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What happens if minimum balance is not maintained in Icici Bank current account?
6.1. 7.2 As and when the balance in Current Deposit Account at non-computerised branches goes below the minimum balance required as above, a penalty will be levied as per instructions issued by the Bank from time to time. For the present the penalty is Rs. 50/- per occasion.
What is the fine for not maintaining minimum balance in Icici?
| Minimum monthly average balance (MAB) Metro and urban locations – Rs.10,000 | Rural locations – Rs 2,000 | Gramin locations – Rs.1,000 | Charges for non-maintenance of minimum monthly average balance Metro/urban/semi-urban/rural locations: | Rs. 100 + 5% of the shortfall in required MAB |
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What is the minimum balance to be maintained in Icici?
Monthly Average Balance (MAB) requirement
The minimum Monthly Average Balance (MAB) required to be maintained for a Savings Account is Rs. 10,000/- in metro and urban locations , Rs. 5,000/- in semi-urban and Rs. 2,000/- in rural locations.
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.
Does Icici need minimum balance?
In order to maintain the account without any penalties, the customer is expected to keep a minimum monthly average balance in the account. This threshold amount is Rs. 10,000 for metro/urban branches , Rs. 5,000 for semi-urban branches, and Rs.
Can we maintain zero balance in Icici Bank?
Conclusion on ICICI Bank zero balance account
After the account is opened, customers do not have to keep any minimum balance . The bank offer free cheque book, debit card and a host of other facilities.
What is monthly average balance in Icici?
Monthly Average Balance = Sum of closing balance for all days in a month (Day 1 + Day 2 + Day 3 +...... + Day 30) Divided by Number of Days in a month (30).
What is current account minimum balance?
The minimum balance requirement for opening a Normal Current Account is Rs. 10,000 .
What if minimum balance is not maintained in current account?
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 !
Which bank is better SBI or Icici?
Some of the key results of the comparison between the two banks are: Lowest Interest rate of SBI Loan is 9.60%, which is lower than the lowest interest rate of ICICI Bank at 10.25%. Hence, SBI is offering a cheaper loan option. ... This makes ICICI Bank a better option for Personal Loan.
Which bank is better HDFC or Icici?
ICICI Bank scored higher in 3 areas: Work-life balance, Culture & Values and % Recommend to a friend. HDFC Bank scored higher in 2 areas: Compensation & Benefits and CEO Approval. Both tied in 4 areas: Overall Rating, Career Opportunities, Senior Management and Positive Business Outlook.
Which bank has zero balance?
| Bank Name of zero-balance savings account Interest rate | Kotak Mahindra Bank 811 4% to 6% | Standard Chartered Bank Basic Banking Account 0.5% to 4.90% | HDFC Bank Basic Savings Bank Deposit Account 3.50% to 4% | Axis Bank Basic Savings Account 3.50% to 4% |
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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.
Which bank has lowest minimum balance?
| List of Savings Account Banks Minimum Balance Required(INR) Savings Account Interest Rates (p.a.) | ICICI Bank 0/1000/2000/2500/5000/10000 3.00% – 3.50% | IDBI Bank 500/2500/5000 3.30% – 3.80% | IDFC Bank 25000 6.00% – 7.00% | Indian Bank 250/500/1000 3.00% |
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Is there any charges for closing bank account?
If an account is closed within 14 days of being opened, no additional fees is charged . ... Some banks such as State Bank of India (SBI) do not charge the customers for closing their accounts after one year of being opened. Earlier, SBI charged Rs 500 if the account was closed even after a year of being opened.
