Table of Contents
- 1 What is the minimum balance to be maintained in BOI?
- 2 What happens if minimum balance is not maintained in BOI?
- 3 Which bank does not have minimum balance?
- 4 How minimum balance is calculated?
- 5 How can bank charges be avoided with BOI?
- 6 Which bank has lowest minimum balance in India?
- 7 What banks have no minimum balance?
- 8 Do you have to keep a minimum balance at a bank?
- 9 What is a minimum cash balance required by a bank called?
What is the minimum balance to be maintained in BOI?
Charges for Non-Maintaining Average Quarterly Balance
| Metro/Urban | |
|---|---|
| Maintenance of minimum Average Quarterly Balance(AQB) | Rs. 1000/- |
| Minimum Balance Charge | Rs. 200/- per quarter |
| Charges will be levied as under | |
| AQB is in the range | \% of Penal Charge |
What happens if minimum balance is not maintained in BOI?
Failure to maintain minimum balance/ minimum Average Quarterly Balance (AQB) in the account will attract levy of charges as specified by the Bank from time to time.
What is account Maintenance Charges in Bank of India?
Charges for Non-Maintaining Average Quarterly Balance 600/- per quarter if AQB goes below Rs. 7500/- in Metro, Rs. 500/- per quarter if AQB goes below Rs. 5000/- in Urban, Rs.
Which bank does not have minimum balance?
Latest Interest Rate for Zero Balance Savings Account
| 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\% |
How minimum balance is calculated?
MAB is the average of all the closing-day balances in a given month. To calculate the MAB, you need to add each day’s end-of-the-day balance and divide it by the number of days in that month.
Is Netbanking free in BOI?
Some of the free services to be charged are cash withdrawal and deposit, KYC, change of address and mobile number, net banking, cheque book requests, cheque deposit, passbook updation, signature verification, etc.
How can bank charges be avoided with BOI?
How to Avoid Bank of Ireland Current Account Fees. BOI customers could reduce their banking fees by switching to a cheaper bank account such as N26 or EBS.
Which bank has lowest minimum balance in India?
List of All Banks Savings Account Interest Rates and Minimum Balance 2021
| List of Savings Account Banks | Minimum Balance Required(INR) |
|---|---|
| Federal Bank | 0 |
| HDFC Bank | 2500/5000/10000/25000 |
| ICICI Bank | 0/1000/2000/2500/5000/10000 |
| IDBI Bank | 500/2500/5000 |
Which bank in India has lowest minimum balance?
8 Best Zero Balance Savings Account In India
- IDFC First Bank Pratham Savings Account.
- YES Bank Smart Salary Advantage.
- IndusInd Bank-Indus Online Savings Account.
- DBS-DigiSavings.
- Kotak Mahindra Bank-811 Digital Bank Account.
- HDFC Bank – Basic Savings Bank Deposit Account.
- SBI – Basic Savings Bank Deposit Account.
What banks have no minimum balance?
– Axos Bank Essential Checking – Bank of the West – BB Student Checking – Citizens Bank
Do you have to keep a minimum balance at a bank?
Financial institutions require you to keep a minimum balance in your savings account because it ensures them they’ll have a reserve of funds to meet the expenses of maintaining the accounts at the bank.
What bank is good for savings account in India?
10 Best Banks for Saving Account in India with Interest Rate 2020-21 IndusInd Saving Bank Account. IndusInd Saving Bank Account is perfect for all those people looking for a zero balance account or an active stock investor. Kotak Mahindra Savings Bank Account. Kotak Mahindra Savings Bank Account is suitable for all those who want a zero balance account with a higher rate of interest. ICICI Savings Bank Account.
What is a minimum cash balance required by a bank called?
A minimum cash balance required by a bank is called a compensating balance. Also, a compensating balance is used to offset the amount of money brought upon by the bank to make a business loan. Cash flow analysis.