What happens if minimum balance is not maintain in Kotak Mahindra Bank?
Table of Contents
- 1 What happens if minimum balance is not maintain in Kotak Mahindra Bank?
- 2 What is the minimum balance in Kotak 811 account?
- 3 How average monthly balance is calculated?
- 4 How is average monthly balance calculated?
- 5 What happens if SALARY is not credited in Kotak Bank salary account?
- 6 Should I continue my savings account with Kotak Bank?
What happens if minimum balance is not maintain in Kotak Mahindra Bank?
Few lenders such as Bank of Maharashtra, Kotak Mahindra Bank and, Axis Bank have revised their charges for non-maintenance of minimum balance effective August 1, 2020. If a customer fails to maintain this amount in an account, the bank will now charge a penalty of up to Rs 75 per month.
What is the minimum balance in Kotak 811 account?
Rs. 10,000
This account requires a minimum balance of Rs. 10,000. Kotak 811 Edge comes with a Platinum Chip Debit Card, high free transaction limits, free transactions on all Kotak ATMs and many more perks. If you already have an 811 account, you can upgrade to 811 Edge once you’ve verified your KYC details with us.
What is average monthly balance Kotak?
Average Monthly Balance is calculated by dividing the sume of all ‘End of Day’ balances in a month by the number of days in that month.
How do I stop maintenance charges on my debit card?
6 ways to avoid high ATM charges
- Use cards. Use your debit and credit cards so that you don’t need too much cash.
- Plan your cash flow. Don’t wait till you are broke to withdraw money from the ATM.
- Prefer your own bank.
- Keep emergency cash.
- Use dormant account.
- SMS, phone banking for non-financial transactions.
How average monthly balance is calculated?
Monthly Average Balance = Sum of closing balance for all days in a month (Day 1 + Day 2 + Day 3 +…… + Day 30) Divided by Number of Days in a month (30).
How is average monthly balance calculated?
What is hold balance recoverable in Kotak Mahindra Bank?
Your account balance might be on hold fully or partially, due to: Any specific transaction instruction set, Overdue loan account or credit card payment, Towards recovery of outstanding charges pertaining to your account like non maintenance of average monthly balance, ECS bounce charges ,IPO applied for investment etc.
What is the minimum account balance in Kotak Mahindra Bank?
Kotak Mahindra Bank Minimum Balance Requirements Kotak Mahindra Bank customers who have opened Edge Savings Account are required to have a minimum balance of Rs. 10,000 per month. Any customer who fails to maintain an Average Monthly Balance (AMB) of Rs.10,000 has to pay a non-maintenance charge up to Rs. 500 per month.
What happens if SALARY is not credited in Kotak Bank salary account?
When your salary is not credited in your kotak bank salary account for period of 2 months it gets automatically converted in to edge savings account in which you have to maintain 10000 pm,if you does not maintain such Ammount bank levy changes for non maintenance pm. , Deep interest. Student and practioner You should see the charges directory .
Should I continue my savings account with Kotak Bank?
However, since the bank mentioned is Kotak which offers a higher rate on savings accounts than other banks, you may want to consider the benefits. If there is a locker, FD, online trading account or loan that you have availed from the bank, you might as well continue the savings account for operational convenience. Looking to retire comfortably?
What will happen if I don’t maintain minimum balance of 10000?
If you don’t maintain the minimum required balance then from the 2nd month of non maintenance of balance bank will charge some around 255/- plus taxes to you per month for not maintaining the required balance. Thank you. Originally Answered: What will happen if I don’t maintain minimum balance of 10000 in my axis savings bank account?