Quick Answer: What Is The Penalty For Not Maintaining Minimum Balance In Canara Bank?

How can we avoid minimum balance charges?

If you use your bank’s online bill paying features, you can often avoid minimum balance fees.

Even if you use the online bill paying as infrequently as once a month, many banks will credit this and will not charge the maintenance fees..

How good is Canara Bank?

Today, Canara Bank occupies a premier position in the comity of Indian banks with an unbroken record of profits since its inception. Revenue-INR339. 2 billion (US$5.4 billion) (2012) & the bank had a network of 3564 branches and 4000 ATMs spread across India , The bank also has 6 offices abroad.

How many transactions are free in Canara Bank?

5 transactionsFees and Charges of Canara Campus CardDetailsCharge AmountTransactions at other bank ATMs at any other locationFirst 5 transactions are free. Subsequent financial transactions are charged Rs.20 and non-financial transactions are charged Rs.10SMS alertsRs.15 per quarter13 more rows

Which bank has lowest minimum balance?

ICICI Basic Savings Account.HDFC BSBDA Small Savings Account.SBI Basic Savings Bank Account.Axis Bank Small Basic Savings Account.Indus Small Savings Account.Standard Chartered Bank’s Basic Banking Account.RBL Bank’s Abacus Digital Savings Account.IDFC Bank Pratham-savings account (BSBDA)

Which bank has zero balance?

Top Zero Balance Savings Account 2020Top Zero Balance Savings AccountAccount NameInterest Rate (up to Rs 1 lakh)Standard Chartered Bank Aasaan3.00%HDFC Bank BSBDA3.00%State Bank of India BSBDA2.70%5 more rows•Jan 21, 2020

Is Canara Bank a government bank?

Canara Bank Limited is one of the largest public sector banks owned by the Government of India. It is headquartered in Bengaluru. It was established at Mangalore in 1906 by Ammembal Subba Rao Pai and later the government nationalized the bank in 1969.

What is minimum balance in SBI?

In March this year, SBI had announced that it will waive charges for non-maintenance of average monthly balance (AMB) for all savings bank accounts. Earlier, SBI savings bank customers had to maintain average monthly balance of ₹3000, ₹2000 and ₹1000 in metro, semi urban and rural areas respectively.

What is the fine for not maintaining minimum balance in Canara Bank?

If you are not maintaining an average monthly balance Rs. 5000 (Urban/Metro Branches) and Rs. 1000 (Rural/Semi-Urban Branches), then you will be charged Rs. 60 per day and Max: Rs.

What is the minimum balance required in Canara Bank?

Rs. 1,000To maintain Canara Bank Savings account, you require a minimum balance of Rs. 1,000 for Metro, Urban and Semi Urban branches and Rs. 500 for Rural branches. Canara Bank personalized account number and cheque book enhances security and ensures your money is safe.

Is Canara Bank better than SBI?

Canara Bank has an average customer ratings of 5, while SBI has an average customer rating of 4.2, based on which it is clear that Canara Bank has a high customer service focus, an easy Home Loan process and a quick turnaround.

What happens if my bank account balance is zero?

Banks levy penalty for non-maintenance of the minimum account balance in a regular savings account. A zero balance account scores over a regular savings account as you are not required to maintain a minimum balance. When you get yourself a zero balance account, you can keep any amount of money you want.

Can I close my bank account with negative balance?

No. You cannot close your bank account with a negative balance. You may only close it after bringing your balance to positive and paying the bank penalties. However, your bank can force closure of your account if you fail to satisfy your debt within the time your bank allows you to do so.

What happens if minimum balance is not maintained?

If customers fail to maintain this balance, they will have to pay a penalty of up to Rs 75 – every month! Source – PTI. Most banks require their customers to maintain a minimum balance in their account. They charge their account holders for the non-maintenance of minimum average balance (MAB).

Do banks require minimum balance?

Banks require minimum balances for a variety of reasons. It allows the bank to have more deposits, which in turn allows them to lend more money and maintain certain regulatory financial ratio requirements. It also allows them to profit from fees if balances are not maintained.

How much does SBI charge for not maintaining minimum balance?

For someone not maintaining ₹3,000, with a shortfall of less than or equal to 50%, will be charged ₹10 plus GST. The penalty for non-maintenance of minimum balance in a metro or urban centre branches of SBI with a shortfall 50-75% and more than 75% will be ₹12 and ₹15 plus GST, respectively.

Is Canara Bank safe to keep money?

Since Canara Bank’s loan to deposit ratio of 72.80% is within the sensible margin, below than the appropriate maximum of 90%, this level places the bank in a relatively safe liquidity position given it has not excessively lent out its deposits and has maintained a suitable level for compliance.

Which bank is best for savings account?

8 Best Zero Balance Savings Account In IndiaIDFC 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. … Standard Chartered Basic Savings Bank Deposit Account.

How many transactions are free in Canara Bank ATM?

First 3 transactions in ATMs located in six Metro cities viz., Delhi, Kolkata, Chennai, Mumbai, Bangalore and Hyderabad and 5 transactions in ATMs located in other centres, in a calendar month, whether financial or non- financial, are free for the Cards linked to Savings Bank accounts.

What is minimum balance charge?

The minimum balance non-maintenance charges vary for urban, semi-urban and rural branch customers. … So, if the average minimum balance is below Rs 2,500 in an urban branch account, the charges are Rs 600 per month while if the AMB is below Rs 10,000 but above Rs 7,500, the penalty is Rs 150.

Does Canara Bank have zero balance account?

The primary benefit of the Canara Bank Basic Savings Deposit Account is that it is a zero-balance savings account. With this account, there is no minimum balance requirement as with other savings accounts and there are no maintenance charges. Free debit card at the time of opening the account.

Does Canara Bank charges for minimum balance?

Key Benefits of Canara Bank Savings Account 2 DDs free of charge to the amount of the minimum balance maintained for accounts with Rs. 10,000 and above. The maximum amount issued will be Rs. 25,000.