What if I don't maintain minimum balance in Axis Bank?

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If you don't maintain the minimum average balance (MAB) in an Axis Bank savings account, Axis Bank will first notify you, and if you don't restore the balance in the following month, they will levy a penalty fee, calculated as a percentage (around 6%) of the shortfall, up to a maximum amount that varies by branch location (Metro/Urban, Semi-Urban, Rural). This can lead to account restrictions and charges, but you can avoid this by switching to a zero-balance account or ensuring you meet the balance requirement for your specific account type and location.

What happens if I don't maintain my minimum balance in the bank?

What happens if I don't maintain the minimum balance in my savings account? If your balance falls below the required amount, your bank may charge a penalty fee, which varies by bank and account type.

What is the minimum balance to keep in Axis Bank?

The Axis Bank Easy Access Savings Account allows you to maintain a monthly average balance requirement of ₹ 10,000 if you are carrying out online banking from a semi-urban or rural city. The minimum opening deposit in your account will be ₹ 10,000.

Is there a way to avoid minimum balance fees?

Check your account often so that you don't accidentally go under the minimum balance. Sign up for direct deposit. Sometimes, setting up direct deposit for your paycheck or government benefit will help you avoid a monthly fee without having to maintain a minimum balance.

How long does it take for Axis Bank to close an account?

Your account will be closed in 2 working days from the date the account closure request was submitted at the Branch.

Axis Bank Account Balance - Negative due to Non maintaince of Minimum Average Balance

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Can I close my Axis account if it has zero balance?

You can then request the bank to close the account once it gets to zero balance. Once you clear the negative balance, you can proceed with the usual account closure process of filling out the application form and submitting it to the branch along with the necessary documents.

Can I close my bank account without paying non-maintenance charges?

According to RBI guidelines, your savings account balance can be brought down to zero due to failure to maintain the minimum balance, but it cannot go into negative. Therefore, there is no need for you to make any extra payments to close your old bank account.

How can I avoid a monthly maintenance fee?

How we make money

  1. Sign up for direct deposit.
  2. Find a bank that doesn't charge monthly fees.
  3. Meet the minimum balance requirement.
  4. Open another account at the same bank.
  5. Take advantage of mobile banking.
  6. Meet the minimum debit card usage.
  7. Ask for fee forgiveness.
  8. Use ATMs in your bank's network.

What is a monthly minimum balance fee?

A minimum balance fee is a fee that many banks charge when your account balance dips below a certain dollar amount. For example, if the minimum balance required in your checking account is $500, but you only have $450, you would be charged a minimum balance fee.

Do banks charge a fee for closing an account?

Generally, no. The main exception is if you close an account shortly after opening it. Some banks and credit unions charge what's called an early account closure fee that kicks in if you close an account within a time frame such as 90 or 180 days.

Can I avoid Axis Bank min balance penalties?

Penalties by the bank

Most savings accounts require you to maintain a minimum balance in your account. On failing to do so, the bank can levy a penalty. To avoid such penalties and not lose out on savings account interest rates, ensure you have enough funds in the account to maintain a minimum balance.

Is Axis has a zero balance account?

Axis Bank's Zero Balance Savings Account offers a complete blend of accessibility, reliability and customer-focused benefits, making it a worthy option in today's banking landscape.

What happens if I don't pay my minimum balance?

While paying the minimum will cost you, missing a payment completely is even worse. If you miss even one payment, your credit score will plummet. You will also be charged a late fee and if you are more than 60 days, you could get hit with an increased interest rate penalty.

What if my account goes below the minimum balance?

Banks measure and enforce the minimum balance in different ways. If the account falls below the minimum balance it may be assessed fees, denied interest payments, or closed.

How do I close my minimum balance account?

Steps to Close a Savings Account

  1. Visit the Home Branch. Most banks require customers to visit their home branch (where the account was opened) to initiate closure.
  2. Fill Out the Account Closure Form. Ask the bank staff for an account closure form. ...
  3. Submit Required Documents. ...
  4. Withdraw Remaining Balance. ...
  5. Collect Acknowledgment.

How to avoid minimum balance charges?

Banks often charge monthly fees if your account balance falls below a specified threshold. How to avoid these fees: Automate your savings: Set up automatic transfers from your primary income account to your savings account to ensure it always meets the minimum balance requirement.

How do I avoid high maintenance fees?

Here are seven strategies to help reduce or avoid these charges.

  1. Choose a bank that doesn't charge maintenance fees. ...
  2. Maintain the minimum balance. ...
  3. Open your checking and savings account in the same bank. ...
  4. Choose mobile banking. ...
  5. Stay above the minimum credit card limit. ...
  6. Ask for fee forgiveness. ...
  7. Use ATMs in your bank's network.

How much should a 21 year old have saved?

Whether they're graduating from college or entering the full-time workforce out of high school, things like home ownership and retirement can seem like they're a million miles away. One rule of thumb for a 21-year-old is to have $6,000 in a savings account for emergencies and long-term financial goals.

Which bank has no maintenance charge?

IDFC FIRST Bank has overall featured in 'Category A' among commercial banks. Even among the Category A Banks, IDFC FIRST Bank is the only Bank that charges ZERO FEES on ALL SERVICES in savings accounts, on all account variants, urban or rural, irrespective of AMB, whether Rs.

What happens if I stop paying my maintenance fees?

If you stop paying your timeshare maintenance fees, you could lose the right to use your timeshare. Unpaid maintenance fees could result in late fees, collection actions, and damage to your credit score. Eventually, your timeshare could go into foreclosure, leading to further financial consequences.

Why is my bank charging me a monthly maintenance fee?

Financial institutions are for-profit businesses and need to make money to stay open. Monthly bank service charges contribute to this profit and can help cover day-to-day operating costs. Banks that do charge monthly maintenance fees often allow account holders to avoid them by meeting certain requirements.

What happens if the minimum balance is not maintained for one day?

Different banks require you to maintain a different minimum balance every month. Before opening a savings account, your bank usually specifies the monthly average balance you must maintain. If you fail to maintain the minimum amount in your savings account, your bank will levy a fine on you.

Which banks do not charge a monthly maintenance fee?

Some banks that offer free checking accounts include Ally Bank, Axos Bank, Capital One, Discover Bank, NBKC Bank and SoFi Bank. These banks do not charge monthly maintenance fees for having a checking account.

What is the minimum balance for current account in Axis bank?

Current Account - Advantage

  • Monthly Average Balance. Monthly Average Balance requirement of ₹25000/- (Metro & urban branches), ₹12500/- (Semi-urban & rural branches)
  • Monthly Cash Deposit Limit. Enjoy Monthly Cash Deposit limit @ 10 times MAB up to maximum of ₹25 lakhs.
  • Cash Withdrawal.