These are unique ways to maintain average monthly balance in bank account, you will not have to pay non-maintenance charge.
If the customer fails to maintain the average monthly balance in his bank account, the bank may charge non-maintenance charges from the customer. This charge may vary from bank to bank.
When a savings account is opened in any bank, the Average Monthly Balance (AMB) must be kept in mind. One always appeals to their customers to maintain minimum balance amount in their savings account. If you fail to maintain the average monthly balance in your account, the bank may charge non-maintenance charges from the customer.
If you fail to maintain the average monthly balance and have to pay non-maintenance charges, then let us look at some special tips which can prove helpful for you too.
You should have a bank account in which you can maintain the balance in a hassle-free manner. Different banks decide the average monthly balance amount for their customers on the basis of metro, urban areas, semi-urban and rural areas which the customers have to maintain. If the balance is not maintained, customers have to pay the prescribed non-maintenance charge.
The bank offers sweep-in and sweep-out facilities with fixed deposits (FDs) on select savings account types. According to HDFC Bank, with this feature, your FD automatically meets the average monthly balance requirement to meet the shortfall in the savings account.
You can set standing instructions for scheduled transfer of funds to your savings account. For example, if you have a salary account with another bank, you can set up an automatic transfer of a certain specific amount for your preferred date and ensure adequate savings account balance.
Net banking and mobile banking platforms allow you to track your account balance whenever and wherever you want. This way, you can make provisions to ensure that the average monthly balance is maintained when your account balance is low.