How much money we have to maintain in HDFC Bank account?
HDFC Bank requires that customers maintain a minimum balance in their savings account if they are to avoid penalty charges. 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 AMB can differ across account variants and areas. For instance, AMB for an HDFC Bank Regular Savings Account is ₹10,000 for metro and urban areas and ₹5,000 for semi urban areas; whereas AMB for an HDFC Bank DigiSave Youth Account, is ₹5,000 and ₹2,500, respectively.
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.
If you don't maintain average monthly balance of Rs. 5,000/- in case of rural and semi-urban and Rs 10,000 in case of urban and metro locations, you will be charged around Rs. 750 per quarter.
| Bank | Zero-Balance Account | Minimum Balance |
|---|---|---|
| ICICI Bank | Not available | Rs.1,000 for gramin branches & Rs.2,000 for rural branches |
| Axis Bank | Not available | Rs.2,500 |
| Bank of Baroda | Not available | Rs.500 |
| IDFC First Bank | Not available | Rs.10,000 or Rs.25,000, depending on your choice |
Customers of HDFC Bank must maintain an average quarterly balance (AQB) of Rs. 2,500 in rural branches in order to avoid penalty fees. This is the criteria to avoid HDFC bank charges for not maintaining minimum balance. How much HDFC charges for not maintaining minimum balance?
| AMB Slabs (in Rs.) | Service Charges in case of Non-maintenance* |
|---|---|
| >= 15,000 to < 20,000 | Rs. 600* |
| >= 10,000 to < 15,000 | |
| >= 5,000 to < 10,000 | |
| 0 to < 5000 |
In banking, the closing balance simply refers to the bank balance at the end of a day, month, or year. This includes both credit and debit amounts.
Which is best bank in India?
- HDFC Bank. HDFC Bank is one of the most popular banks in India, with its headquarters in Mumbai. ...
- ICICI Bank. ICICI Bank is an Indian multinational financial services bank headquartered in Mumbai. ...
- SBI. ...
- Kotak Mahindra. ...
- Axis Bank. ...
- IndusInd Bank. ...
- Bank of Baroda. ...
- Punjab National Bank.
Just visit any of the near by HDFC Bank branch and asked for account conversion, they will convert that account into BSBDA account which is a zero balance account but some terms and conditions applicable for that account so check that with bank staff.
- Regular savings account: earns interest and offers quick access to funds.
- Money market account: earns interest and may provide check-writing privileges and ATM access.
- Certificate of deposit, or CD: usually has the highest interest rate among savings accounts, but no access to funds.
HDFC Bank, India's No.1 Bank for NRI Services, offers you a range of banking tools custom-made for NRIs. We offer you a one-stop-shop for all NRI services, from banking to investment to loan.
You should opt for NRE Accounts if you want to hold or maintain your overseas earnings in Indian currency. NRE Accounts are also suitable if you wish to keep your savings liquid. You should opt for NRO Accounts if you want to save your earnings from India in Indian currency itself.
| Name of the Bank | NRE Deposit Interest rates below Rs. 2 crores | Minimum Balance |
|---|---|---|
| Bank of India | 6.00% | Minimum Balance: Rs. 200 per quarter |
| Canara Bank | 6.90% | Rs. 1 lakh |
| Citibank | 6.75% | Rs. 80,000 |
| DBS Bank | 6.25% | Rs. 5,00,000 |
If the bank goes below the level required the bank charges you a penalty ranging from Rs 600 to Rs 150 depending on the amount of balance. For example, if the balance falls below Rs2500 then Rs 600 penalty is charged and if it is between 7,500 and less than Rs10,000 it is Rs 150 (for metro and urban accounts).
Negative balance means you have not maintained the minimum balance criteria in your account and due to which charges and other penalties have been imposed on your account. The amount which is showing as negative is the amount which you have to pay the bank as their charge.
- State Bank of India.
- Kotak Mahindra Bank.
- IDFC Bank.
- HDFC Bank.
- IndusInd Bank.
- Standard Chartered.
- YES Bank.
- RBL.
The HDFC minimum balance for savings account can be Rs 2500, Rs 5000, Rs 10,000 or Rs 25,000. The HDFC bank zero balance account comes with customized banking service and no annual maintenance charges for the first year.
How much money should I keep in my savings account in India?
Reserve 20% of your income for savings, including contributing to retirement funds and building an emergency fund.
There is no minimum balance requirement for SBI Savings Accounts. The nomination option is available for savings accounts. ATM cards are provided for all SBI Savings Accounts, except for (Domestic) Resident's Foreign Currency Accounts.
Annual fees: Technically most Credit Cards charge an annual fee. But these fees are waived off if you use your card regularly and achieve a minimum spend – for example, the HDFC Bank Visa Signature Card will waive off the annual fee if you spend Rs 15,000 in 90 days of the card issuing date.
The only way to close your HDFC bank account is by visiting its physical branch. There is no online process to close your account. Thus, you will need to take some time to download the account closure form from HDFC Bank's website and visit the branch to complete the account closing process.
- Registration: Getting started is easy! ...
- Account Balance : Call On 18002703333 To get your Account Balance.
- Mini Statement : Call On 18002703355 To get your Mini Statement.
- Cheque Book : Call on 18002703366 To get your Cheque Book.
- Credit Card Summary: Call on 18002709988 To get your Credit Card Summary.
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