Basic Banking Questions & Answers
This doubt is came to my mind while I was reading the banking guidelines in India. The questions are-
1. Now a days banks especially SBI (and other nationalized banks) are opening accounts for zero balance. Is the facility available for old account holders also? Say I have amount INR 999 in my account with minimum balance of 1000, will there be any penalty?
2. If I have INR X (say 1000) in my bank and I open "online FDR" (which is linked to my account), the saving balance will be zero, in such a case will there be any penalty?
These are basic questions that popped in my mind. I think banking laws in India are strict but safe, I have only academic interest.
1. Now a days banks especially SBI (and other nationalized banks) are opening accounts for zero balance. Is the facility available for old account holders also? Say I have amount INR 999 in my account with minimum balance of 1000, will there be any penalty?
2. If I have INR X (say 1000) in my bank and I open "online FDR" (which is linked to my account), the saving balance will be zero, in such a case will there be any penalty?
These are basic questions that popped in my mind. I think banking laws in India are strict but safe, I have only academic interest.
Replies
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Kaustubh KatdareI doubt there will be a penalty, but the bank might be concerned when the balance below the threshold is carried over for a quarter. If they allow zero balance then it may not be a concern, but I'd recommend getting it clarified from your bank manager. -
Saandeep SreerambatlaI am not sure about the second one, but the first one goes like this.
As far as I know , If your bank says min balance of 1000 INR per month , it can also be understood like 30000 on one single day.
i.e., If you have 999 on your last day or for 15 days, and other 15 days if you had more than 1000 in your account then there will be no penalty.
So effectively if you deposit 30K for one day and leave the account with Zero INR for all the other days in the month , still there will be no penalty. -
Kaustubh KatdareSo this thread can collect as many questions related to basic banking. I'm sure many of you have had several questions but didn't know a proper place to ask. Go ahead, shoot your question and I'm sure CEans here will be happy to help.
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ISHAN TOPREWhat is Islamic Banking? Is it something like mutual funds?
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ISHAN TOPREHow does a bank make money apart from money lending?
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Anoop KumarThey invest money and get profit share, give some slices to fix depositor and keep their rest of profit.😀
Am I right here?
You are reading an archived discussion.
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