What will happen if minimum balance is not maintained in Indian bank?


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

In case the minimum balance is not restored within a reasonable period, which shall not be less than one month from the date of notice of shortfall, penal charges would be recovered under intimation to the account holder.

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

If you fail to carry out any transaction for 24 months through your bank account, it can be frozen. This is in line with the Reserve Bank of India’s (RBI) mandate, that a bank account automatically gets classified as inoperative or dormant if there are no ‘customer-induced transactions’ for that period.

Does Indian Bank charges for minimum balance?

To maintain an Indian Bank Savings account, you require a minimum balance of Rs. 250 for non cheque operation and Rs. 500 for cheque operation.

Can we have zero balance in Indian Bank?

No minimum balance

Also, the zero balance feature is available for individuals residing in the urban and rural centres and no penalty is charged for not keeping any balance. The minimum balance requirement of a regular savings account of Indian Bank is Rs. 500.

IT IS AMAZING:  Which came first Harley Davidson or Indian?

What will happen if I don’t maintain 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!

Does not maintaining minimum balance affect cibil score?

CIBIL keeps a track on all your loan repayments and seeks timely payoff. … If you have an inoperative bank account with negative balance, then it is not going to affect your CIBIL score in any way. CIBIL does not keep a track of the number of saving operative accounts and negative balances.

What is the minimum balance to maintain in Indian Bank?

Overview of Indian Bank Savings Bank

Bank Indian Bank
Initial Deposit Requirements Nil
Minimum Amount Minimum amount for non-cheque operation is Rs.250/- Minimum balance for cheque operation is Rs.500/- Pensioners and bonafide students may have lesser minimum balance
Debit Card Offered Free ATM cards/Debit cards provided

Will a bank account automatically close if it reaches zero balance?

Any Account with zero balance, regardless of status, may automatically be closed by the Bank without notice.

How long can a bank account be inactive?

Inactive Accounts. When an account has no transactions for 12 months, it is considered inactive. If there is no activity for 24 months, it is deemed dormant. Remember, system-generated activities like interest credits don’t count.

What is uncleared amount in Indian Bank?

Uncleared balance means the balance which is waiting to be cleared from the clearing process and has not yet been debited or credited to your bank.

IT IS AMAZING:  Quick Answer: Which language is mostly spoken in south India?

How can I know my Indian Bank balance by missed call?

Steps to check Indian Bank account balance via the missed call service

  1. Customers have to register their number with Indian Bank to use the service.
  2. Once that is done, the customer has to give a missed call to 09289592895 to know their balance.