Know which bank is the cheapest way to maintain an account in 2024: SBI, the country’s largest bank, has reduced the monthly average balance for metro cities from 5000 to 3000. After this decision of the bank, millions of consumers have benefited. Apart from this, there was a reduction in the monthly charge of 20 to 50 per cent for non-maintenance of monthly average balance. Other than SBI, what other major banks have the Monthly Hours Balance and how much they are charging, says caknowledge……
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Know which bank is the cheapest way to maintain an account
What is the Monthly Hours Balance of Large Banks
| Bank | Metro | Urban | Semi Urban | Rural |
|---|---|---|---|---|
| SBI | 3000 | 3000 | 2000 | 1000 |
| HDFC | 10000 | 10000 | 5000 | 2500 |
| ICICI | 10000 | 10000 | 5000 | 2000 |
| PNB | 1000 | 1000 | 1000 | 500 |
| BOI | 1000 | 1000 | 500 | 500 |
| BOB | 1000 | 1000 | 500 | 500 |
PNB decides quarter average balance
Where all banks charge charges according to monthly average limit. At the same time, Punjab National Bank has fixed quarterly average balance.
HDFC’s Savings Max Account is more than limit
HDFC Bank has kept monthly average balance limit of 25000 rupees for its Savings Max Account customers.
Which bank is charging, how much charge
| Bank | Penalty |
| SBI |
|
| HDFC | According to the Centers, it takes up to 150 to 600 rupees |
| ICICI | According to the Centers, it takes up to 150 to 600 rupees |
| PNB | According to the Centers, it takes up to 15 to 250 rupees |
What is Monthly Hours Balance Mathematics
If the bank has kept the minimum balance limit of 10000 rupees. Daily Monthly Average Rs 10000 should be at the end of the month. In such a case, there are 3 lakh rupees a day in your account. So your Monthly Average Balance of the entire month will be completed by that day. Because when the bank will calculate on a 30-day basis in a month, then it will be Rs. 3 lakh depending on the average balance of 10000 rupees. If you take away 3 lakh rupees a day in the month, then you will not be charged even if the balance of the account is remaining zero.
FD can be saved from charging
Many banks allow their consumers not to maintain minimum balance in the savings account instead of FD. Like HDFC facilitates the rural branch consumers in their regular savings account. On behalf of the bank, the minimum balance on the regular savings account has been fixed at Rs 10,000. In this case, if the customer gets a FD of 10 thousand rupees for a minimum of one year and one day, then he gets a discount from the maintenance of the minimum balance.
