What is minimum balance in South Indian Bank?

States and Capitals of India

What is the fine for not maintaining minimum balance in SIB?

*The penal charge for non-maintenance of minimum balance is fixed as per the rate of the deficient amount of balance maintained by the customer to the actual minimum balance agreed upon at the time of opening with a maximum penalty of Rs. 100/- per account per month.

What is minimum balance for savings account?

List of All Banks Savings Account Interest Rates and Minimum Balance 2021

List of Savings Account Banks Minimum Balance Required(INR) Savings Account Interest Rates (p.a.)
Allahabad Bank 1000 3.00%
Andhra Bank 0/5//100/1000 3.00%
Axis Bank 0/10000/25000/100000 3.50% – 4.85%
Bank of Baroda 0/5/1000 2.75% – 3.00%

Which bank has lowest minimum balance?

8 Best Zero Balance Savings Account In India

  1. IDFC First Bank Pratham Savings Account. …
  2. YES Bank Smart Salary Advantage. …
  3. IndusInd Bank-Indus Online Savings Account. …
  4. DBS-DigiSavings. …
  5. Kotak Mahindra Bank-811 Digital Bank Account. …
  6. HDFC Bank – Basic Savings Bank Deposit Account. …
  7. SBI – Basic Savings Bank Deposit Account.

Does SIB have zero balance account?

Paperless Instant Account Opening. Choose your preferred branch. No minimum balance penalty for 6 months. No debit card issuance fee and also Zero AMC for 1st year.

Online Account Opening-SIB Insta.

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Particulars “SIB Insta”
NEFT/ RTGS/ UPI All transactions done through digital channel only is free

Does Indian Bank have zero balance account?

In addition to no minimum balance, the Indian Bank zero balance account does not have any initial deposit. It means that one can open the savings account without any deposit.

What happens if minimum balance is not maintained in South Indian Bank?

Basic Savings Bank Account: No minimum balance stipulations. Restriction of withdrawals up to 4 in a month (including ATM withdrawals). If exceeded, Rs. 20/- service tax per transaction will be charged.

What is the minimum balance in Canara Bank?

Do I need to maintain a minimum balance for the Canara Bank Savings Account? Yes, you must maintain an average monthly balance of Rs 1000 (applicable for metro, urban and semi-urban branches) / Rs 500 (for rural branches).

What is the minimum balance 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

What is minimum balance?

For bank accounts, the minimum balance is the minimum dollar amount that a customer must have in an account to receive some service benefit, such as keeping the account open or receiving interest.

How minimum balance is 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.

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