Penalty Charges Levied By Top Lenders For Non-Maintenance Of Minimum Balance

Banks today required their customers holding regular savings accounts to maintain a certain average monthly balance (AMB). Average monthly balance is the average of daily balances in a bank account over a month. Major commercial banks such as State Bank of India (SBI), HDFC Bank and ICICI Bank have set their rules on the requirement of average monthly balance based on factors such as the location of the account and the degree of shortfall. The banks charge a penalty from customers who fail to maintain an average monthly balance in their savings account..Here are the penalty charges levied for non-maintenance of balance by SBI, HDFC Bank and ICICI Bank: .State Bank of India minimum balance requirements.Customers having a regular savings bank account in SBI branches located in metro and urban areas are required to maintain a monthly average balance of Rs. 3,000, according to the bank's official website, sbi.co.in. Customers with SBI savings accounts in semi-urban and rural branches are required to maintain a minimum average balance of Rs. 2,000 and Rs. 1,000, respectively. Customers failing to meet these requirements have to pay the following penalty charges:.table { border-top: solid 1px #ccc; border-left: solid 1px #ccc; border-right: solid 1px #ccc; font-size: 16px; } table th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; line-height: 18px; } table td:last-child, table th:last-child { border-right: none; } /*Media Query start*/ @media only screen and (max-width: 760px), (min-device-width: 768px) and (max-device-width: 1024px) { /* Force table to not be like tables anymore */ table, thead, tbody, th, td, tr { font-size: 14px; } } /* Smartphones (portrait and landscape) ----------- */ @media only screen and (min-device-width : 320px) and (max-device-width : 480px) { body { padding: 0; margin: 0; } table, thead, tbody, th, td, tr { font-size: 14px; } table th { padding: 4px; } table td { padding: 4px; } table th:nth-child(1), table td:nth-child(1), } } /* iPads (portrait and landscape) ----------- */ @media only screen and (min-device-width: 768px) and (max-device-width: 1024px) { body { width: 495px; } } /*Media Query END*/ . Metro and urban branch (required AMB Rs 3,000) Charges Shortfall 50-75% Rs. 12 + GST Shortfall > 75% Rs. 15 + GST Semi-urban branch (required AMB Rs 2,000) Shortfall 50-75% Rs 10 + GST Shortfall > 75% Rs.12 + GST Rural (required AMB Rs 1,000) Shortfall 50-75% Rs. 7.50 + GST Shortfall > 75% Rs 10 + GST .(As mentioned on SBI's official website).HDFC Bank minimum balance requirements.Customers having a regular savings account in HDFC Bank branches located in metro and urban areas are required to maintain an average monthly balance of Rs. 10,000, according to the bank's official website, hdfcbank.com. In semi-urban branches, the regular savings account holders are required to maintain an average balance of Rs. 5,000 every month. In rural branches, the customers are required to either maintain an average quarterly balance of Rs. 2,500 or set up a fixed deposit of Rs. 10,000 for a maturity period of a minimum one year and one day. Customers failing to meet these requirements have to pay the following penalty charges:. Description of Charges Regular Savings Account Minimum Average Balance Requirements Metro and urban branches: AMB Rs 10,000 Semi-urban branches: AMB Rs 5,000 Rural branches: AQB Rs 2,500 or fixed deposit of Rs 10,000 for minimum a period of 1 year 1 day Charges applicable on non-maintenance Balance non-maintenance charges AMB Slabs Metro & Urban Semi Urban (in Rs.) AMB Requirement -Rs 10,000 AMB Requirement -Rs. 5,000 >=7,500 to =5,000 to =2,500 to = 1000 < 2,500 Rs. 270 0 - <1000 Rs. 450 plus taxes as applicable AQB – average quarterly balance .table.shdl_table { border-top: solid 1px #ccc; border-left: solid 1px #ccc; xborder-right: solid 1px #ccc; font-size: 16px; } table.shdl_table th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table.shdl_table td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; line-height: 18px; } /*Media Query start*/ @media only screen and (max-width: 760px), (min-device-width: 768px) and (max-device-width: 1024px) { /* Force table to not be like tables anymore */ table.shdl_table, table.shdl_table thead, table.shdl_table tbody, table.shdl_table th, table.shdl_table td, table.shdl_table tr { font-size: 14px; } } /* Smartphones (portrait and landscape) ----------- */ @media only screen and (min-device-width : 320px) and (max-device-width : 480px) { table.shdl_table, table.shdl_table thead, table.shdl_table tbody, table.shdl_table th, table.shdl_table td, table.shdl_table tr { font-size: 14px; } table.shdl_table th { padding: 4px; } table.shdl_table td { padding: 4px; } table.shdl_table th:nth-child(1), table.shdl_table td:nth-child(1), table.shdl_table th:nth-child(6), table.shdl_table td:nth-child(6) { displayx: none; } } /*Media Query END*/ . (As mentioned on HDFC Bank's official website) ICICI Bank minimum balance requirements Customers having a regular savings account in ICICI Bank branches located in metro and urban areas need to maintain an average monthly balance of Rs. 10,000, according to the bank's website - icicibank.com. The average monthly balance required in semi-urban, rural and gramin locations is Rs. 5,000, Rs. 2,000 and Rs. 1,000 respectively. Customers failing to meet these requirements have to pay the following penalty charges: Minimum monthly average balance Metro and Urban locations - Rs.10,000 Semi-urban locations - Rs.5,000 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 Gramin locations : 5% of the shortfall in required MAB .table.shdl_table { border-top: solid 1px #ccc; border-left: solid 1px #ccc; xborder-right: solid 1px #ccc; font-size: 16px; } table.shdl_table th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table.shdl_table td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; line-height: 18px; } /*Media Query start*/ @media only screen and (max-width: 760px), (min-device-width: 768px) and (max-device-width: 1024px) { /* Force table to not be like tables anymore */ table.shdl_table, table.shdl_table thead, table.shdl_table tbody, table.shdl_table th, table.shdl_table td, table.shdl_table tr { font-size: 14px; } } /* Smartphones (portrait and landscape) ----------- */ @media only screen and (min-device-width : 320px) and (max-device-width : 480px) { table.shdl_table, table.shdl_table thead, table.shdl_table tbody, table.shdl_table th, table.shdl_table td, table.shdl_table tr { font-size: 14px; } table.shdl_table th { padding: 4px; } table.shdl_table td { padding: 4px; } table.shdl_table th:nth-child(1), table.shdl_table td:nth-child(1), table.shdl_table th:nth-child(6), table.shdl_table td:nth-child(6) { displayx: none; } } /*Media Query END*/ . (As mentioned on ICICI Bank's official website) Banks also provide savings accounts which do not require customers to maintain any particular minimum balance.

Penalty Charges Levied By Top Lenders For Non-Maintenance Of Minimum Balance

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