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What is the fine for not maintaining minimum balance?
As per a notification issued by the Ministry of Finance on April 9, 2021, the account maintenance fee which is levied for non-maintenance of minimum balance in the post office savings account has been reduced to Rs 50 (inclusive of GST) from Rs 100 levied at present.
What is minimum balance in Indian Overseas bank?
MINIMUM BALANCE It is Rs. 500 for non-cheque operated account and Rs. 1000 for cheque operated account in other branches. For pension accounts the minimum balance is Rs.
What is the minimum balance for 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 the minimum balance required to maintain in an Indian Bank?
The minimum balance requirements need to maintain in an Indian Bank may vary from bank to bank. Some banks may require you to maintain a minimum balance of Rs. 5,000 – Rs. 10,000 and some banks may not require you to maintain any balance in your account such accounts maintained in an Indian bank are commonly known as Zero Balance Accounts.
What is the penalty for opening a bank account in India?
The penalty is different from Bank to Bank , as also from type of account to account. Say, in a particular Bank, it may be Rs.250 for Savings account and Rs.1000 for current account. You have to go to the specific Bank website and check up under Fees and Charges.
What is the minimum balance required to open an IOB account?
Quarterly Average Minimum Balance of a minimum Rs 1,00,000 or more. IOB – Savings Bank Silver I. Account can be opened with zero balance. However, in order to be eligible for certain concessions provided with this account, account holders must maintain a Quarterly Average Balance of not less than Rs 5,000.
What is the interest rate on Indian Overseas Bank regular savings account?
With effect from 11 November 2020, the bank offers an interest rate of 3.05\% on their Regular Savings Bank Account. This interest will be paid on a daily product basis. Types of Savings Accounts Offered by Indian Overseas Bank Regular Savings Bank Account