HDFC Bank Savings Account : HDFC bank has set the new limit for Minimum Balance For HDFC Saving account holders. Saving account holder need to check again with the bank for new limit.
As we know that HDFC bank is the largest Private sector Bnak and it has million of customer including in rural areas. The bank has Market cap of ₹12.92 lakh Cr and it makes largest and too big bank in india.
If the minimum balnce is going to change will affect the customer and lead to more penalties, which will be debited form the saving account.
If you are customer of HDFC Bank and having saving account, you must know about the Minnimum Balance limit for having money in your account.
Also Read– SBI Special FD Scheme For 400, 444 & 555 Days
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HDFC Bank Savings Account : Minimum Balance Limit in Saving Account
HDFC bank has revised and set the new minimum balance requirement on the bassis of loacation and type of Branch when you have saving account. The new miminum limit is very from metro cities, urban areas, semi urban and rural area.
Here we will know each of them in details.
Rural Areas
If your account is in rural area then minimum account balance is requred to maintain from ₹5,000 and may go up to ₹10,000 or even ₹25,000 as it depending on the sepciific account type and services lined to your saving account.
The limit also depne on the services that customer has opted while opening account like cheqbook, Debit card, internet banking etc.
Urban and Semi-Urban Areas
If your HDFC bank saving account is in urban and semi-urban regions, the minimum balance requirement is start from ₹10,000 for regular savings accounts. But in these area it may require to higher minimum balance linked to the benfits offered.
Metro Cities
If your account is in city like Delhi, Mumbai, Bengaluru, or Chennai, then the minimum balance that must be maintained is also starts from ₹10,000 for standard savings bank accounts.
For hight value of saving account or premium account may require up to ₹25,000 or more if linked with other ad on services.
To HDFC bank saving account holder it is to must maintain Monthly Average Balance (MAB) for a month, it mean average of daily closing balance over a month. If MAB is not maintained then it may lead to penalties.
HDFC Bank Savings Account : Charges for Low Monthly Average Balance (MAB)
If saving bank account holder not able to maintain Monthly Average Balance (MAB) then there will fine levid by HDFC Bank. The charge for low mab will depend on the location of branch.
- If the your saving account Monthly Average Balance (MAB) falls below the minimum required limit, then HDFC bank can charge a penalty ranging from ₹150 to ₹600.
- In Addtion the penalty may be calculated as a percentage of the low account minimum balance. Likewise 6% of the shortfall amount may be charged if not maintain the MAB limit.
- MAB Fine can be imposed monthly or quarterly, it depend upon Saving account.
For example,
If MAB is ₹10,000 and your average balance of your saving account is ₹6,000, then HDFC bank may charge 6% on the shortfall of ₹4,000 (i.e., ₹240), or a flat fee, whichever is higher, according to the HDFC bank’s Terms and Conditions.
These panelties are often deducted automatically from Saving bank account, which means if you are not aware, then your account balance can gradually reduce due to these MAB penalties without you even Knowing.
HDFC Zero Balance Account Option
If you have Zero balance account then you have no need to maintain MAB. But if you dont have then look for new account that does not need to maintian the minimum balance.
These accounts will help full for :
- Students
- Low-income individuals
- Senior citizens
- Basic banking needs without additional services
Yes, it is possible to open Zero Balance Account with HDFC Bank as RBI has mandate Zero Balance Account to promote financial inclusion.
But HDFC Zero blance account may have some limitation as :
- Free limited transaction per month.
- Restriction of deposit and withdrwal large amount.
- limited checkbook issue ..etc
How to Check HDFC Bank Monthly Average Balance (MAB)
To prevent form Monthly Average Balance (MAB) fine you need to be stay updated. Here are some ways where you can see your MAB
Net-Banking
Log into your HDFC Bank saving account for NetBanking. On this HDFC Bank Weebite you can check your account balance and MAB easily.
Mobile Banking App:
Use the HDFC Bank mobile app to view your balance and receive low-balance fund notifcation directly.
SMS Alerts
You may Subscribe for SMS notifications to receive updates on balance status but you have give charges of SMS also.
Passbook or e-Statement:
Must update your passbook or download e-statements to track balances for charges and Know your MAB.
Final Thoughts
The HDFC bank new Monthly Average Balance (MAB) limit has been come to effect so, saving account holder must check with the bank to avoid charges. In shortfall of balance it may occur fine from ₹150 to ₹600. Those who want to aovid charges can look fro Zero balance saving account. For recent update HDFC account holder must viste HDFC Official website.
