What is the minimum balance in South Indian Bank savings account?

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.

Does SIB have zero balance account?

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.

Particulars “SIB Insta”
Balance requirement No minimum balance stipulation
Age Group 18 years and above
Debit card Available only those who remit Rs. 1000

What is the lowest minimum balance for a savings account?

A minimum account balance for a traditional savings account is the smallest amount of money you need in your account to avoid fees. Typical minimum account balance requirements for traditional savings accounts range from $300 to $500, although amounts vary and some banks have no minimum requirements.

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What is the minimum balance maintained by savings account?

List of All Banks Savings Account Interest Rates and Minimum Balance 2022

List of Banks Minimum Balance Required(INR)
HDFC Bank Saving Accounts 2500/5000/10000/25000
ICICI Bank Saving Accounts 0/1000/2000/2500/5000/10000
IDBI Bank Saving Accounts 500/2500/5000
IDFC Bank Saving Accounts 25000

How do I close my sib savings account?

How to close South Indian Bank Account Savings Account? In order to close your bank account, the first step is to fill up an Account Closure Form. You can download it from bank’s website or alternatively, you can visit your home branch, get the account closure form and fill it up properly.

What is the minimum balance in Canara Bank?

Average Monthly Balance of Rs. 1000/- for Metro, Urban & Semi-urban branches and Rs. 500/- for Rural branches. Application in the Banks’ prescribed form, Proof of identity, Address proof, Passport size photograph.

What is the minimum balance in Indian bank?

Indian Bank Savings Bank Account

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

Is South Indian bank safe?

Are my deposits in banks safe? Yes, of course. They are quite safe. Thanks to strong regulation and supervision by Reserve Bank of India and system of internal control of banks, they are well capitalized, well managed and effectively regulated.

Which bank has no minimum balance?

Latest Interest Rate for Zero Balance Savings Account

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Bank Name of zero-balance savings account Interest rate
Kotak Mahindra Bank 811 4% to 6%
Standard Chartered Bank Basic Banking Account 0.5% to 4.90%
HDFC Bank Basic Savings Bank Deposit Account 3.50% to 4%
Axis Bank Basic Savings Account 3.50% to 4%

Do you need a minimum balance in a bank account?

Many banks and credit unions require that you keep a minimum amount of money in a checking or savings account. This is generally known as a minimum balance requirement. In some cases, maintaining a minimum balance may let you reduce or eliminate fees or earn a higher APY.

Which bank has zero fees?

Summary of Best No-Fee Checking Accounts

Account Forbes Advisor Rating Monthly Maintenance Fee
Axos Bank Rewards Checking 4.8 $0
PenFed Credit Union Access America Checking 4.8 $10 or $0
Discover Cashback Debit Checking 4.7 $0
nbkc bank Everything Account 4.6 $0

Which bank has highest minimum balance?

All Banks Savings Account Interest Rates January 2022

List of Savings Account Banks Minimum Balance Required (INR) Savings Account Interest Rates (Per Annum)
Allahabad Bank 500/1000/2500 2.90%
Andhra Bank 0/100/250/500/1000 3.00%
AU Finance 3.50% – 7.00%
Axis Bank 0/10000/25000/100000/ 3.00% – 4.00%

What is the maximum limit of saving account?

The cash deposit limit on savings accounts is ₹1 lakh. Depositing more than ₹1 lakh in a savings account may attract the attention of the IT department. There are also certain savings account withdrawal limits that you should know.