What Will Happen If Minimum Balance Is Not Maintained In HDFC?

HDFC Bank Savings Account Minimum Balance:

Failure to ensure the minimum required balance attracts penalty charges for the account holder

. … In other words, the lender levies certain penalty charges payable from the customer for failing to ensure sufficient average monthly balance (AMB).

What happens if I don’t maintain minimum balance in HDFC?

Banks are allowed to charge non-maintenance of minimum balance penalty to the customers but there is no cap on the charges. … For example, HDFC Bank has an average monthly balance (AMB) requirement of

₹10,000 for urban branch accounts

while for semi-urban branch accounts the requirement is ₹5,000.

Can I close my HDFC account with negative balance?

HDFC Bank, for example, doesn’t charge any fee if the customer

closes the account within 14 days

. If the account is closed between 15 days and six months, it charges ₹500, and ₹250 if it’s closed between six months and one year, according to its website.

What happens if I don’t use my HDFC Bank account?

If you still don’t take any action,

the bank will send a letter declaring the account dormant

. … For instance, if you are holding an account with HDFC Bank, the average minimum balance if the account is held in an urban area or metro is Rs 10,000 and for an account held in a rural or semi-urban area is Rs 5,000.

What will happen if we don’t keep minimum balance?

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

!

Can I open zero balance account in HDFC?

By opening an HDFC Bank minimum balance Savings Account, you can enjoy lucrative offers and deals, become eligible for easy loan access and instant fund transfer*. … Know more about Zero Balance Savings Account here. *Terms and conditions apply.

Can I close my account with a negative balance?

According to the Office of the Comptroller of the Currency,

banks generally don’t close accounts that have a negative balance

, so even if you request the closure of the account while it’s in a negative status, chances are the bank will not honor it. A negative balance indicates that you owe money to the bank.

Why is my HDFC balance negative?

Savings accounts usually go into negative balances

when the customer changes his job and his ‘salary account’ ceases to receive funds

. … Since there is no regular salary flowing in, The bank begins to debit a penalty for non-maintenance of minimum balance, which often results in the balance turning negative.

Does negative bank account affect credit?

While

bank overdrafts may not directly affect your credit score

, there may be a correlation between several bank overdrafts and a low credit score. 10 If you frequently overdraft your checking account, it’s a sign that you’re spending more money than you really have.

How can I close my HDFC account without branch?

Sadly, You can’t close the HDFC Bank Account Online, However, to close the HDFC bank account you don’t need to visit a home branch, You can

download the account closure form online below

and visit the nearest HDFC Bank branch to close your HDFC Account online.

Is there any charges for closing HDFC Bank account?

According to the HDFC Bank website, for closure of savings account, the Bank customer, depending on the nature and tenure of his account, will have to pay a

fee of Rs500

and if the average monthly balance falls below Rs20,000 in non-urban centres, it will charge Rs500 a month.

What is minimum balance in HDFC Bank?

For regular savings accounts held in HDFC Bank’s metro and urban branches, the customer is required to maintain an average monthly balance of

₹ 10,000

to avoid penalty charges, according to the lender’s website – hdfcbank.com. In semi-urban branches, an average of ₹ 5,000 is required.

How is minimum balance calculated?

MAB is the average of all the closing-day balances in a given month. To calculate the MAB, you need

to add each day’s end-of-the-day balance and divide it by the number of days in that month

. Assuming, a bank asks that you maintain Rs 5,000 as average monthly balance: … On July 18, deposit of Rs 10,000 takes place.

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.

Which bank has highest minimum balance?