How Much HDFC Charges for Not Maintaining Minimum Balance? (2024)

FAQs

What is the penalty for not maintaining minimum balance in HDFC Bank? ›

Zero Balance or Basic Savings Account

This is similar to the regular Savings Account, but unlike that account, you are not required to maintain any minimum balance for this account. It does, however, come with an ATM/Debit Card for your daily transactions.

When an individual opens a savings bank account, he/she is required to maintain the minimum balance in the account as per the bank's policy. If the minimum balance in the account is not maintained, then a penalty will be levied by the banks.

“Banks are not permitted to levy penal charges for non-maintenance of minimum balances in any account that is classified as an inoperative account. No charges shall be levied for activation of inoperative accounts,” the rules said.

Therefore, you don't have to maintain a minimum balance. Consequently, there is no penalty in the case of zero balance. This is the main allure for customers when opening this type of account. You can make your payments through this account via various NetBanking facilities.

For urban and metro branches, in order to avoid penalty charges, the average monthly balance (AMB) should be Rs.10,000. In semi-urban branches, the AMB is Rs.5,000. The average quarterly balance (AQB) to be maintained for rural branches is Rs.2,500 in order to avoid paying a penalty.

To calculate your AMB, the bank takes the sum of the closing balances for all days in a month and divides it by the number of days in the month. If the average is less than the AMB, the bank will notify you in 2 months that you maintain the minimum balance to avoid the non-maintenance charges.

Punjab National Bank:

PNB customers having savings accounts in rural areas need to maintain a monthly average balance of Rs. 1,000.

In this case you need to contact customer support of HDFC bank stating the reason for non maintaining the average balance and request them to refund the AMB charges. if bank considers your request you will get refund, Purely depends on your luck.

If you don't maintain the average monthly balance in your HDFC SAVINGS A/C, you will be charged a fee varying from Rs. 150 to Rs. 600 depending on various factors.

What does $100 minimum daily balance mean? ›

For example, if an institution has a $100 daily balance requirement, this means that $100 is the minimum amount of money you need to have in the bank account by the end of each business day. You can go below that amount throughout the day as long as you replenish it to $100 by close of business day.

Falling Below Minimum Balance Fee will be collected if account falls below the required minimum MADB for two consecutive months. Account Dormancy Fee will be collected if account is dormant and falls below the minimum MADB. A savings account is dormant if it has no client-initiated activity for two (2) years.

Monthly Average Balance (MAB), also known as the minimum average balance is nothing but the minimum amount you are required to maintain in your Savings Account every month. The figure is calculated at the end of each month and failure to maintain this minimum average balance will result in penalties.

The minimum average balance is calculated by adding up the closing balance in your account every day divided by the number of days in that month.

The Reserve Bank of India (RBI) has imposed, by order dated June 13, 2019, monetary penalty of ₹10 million on HDFC Bank Limited (the bank) for non-compliance with directions issued by RBI on 'Know Your Customer (KYC/ Anti-Money Laundering (AML) norms' and on reporting of frauds.

Synopsis. The Reserve Bank of India (RBI) has imposed a penalty of Rs 10,000 each on Bank of America, N.A., and HDFC Bank Ltd for violations of certain norms.