Tag: minimum account balance

It was yesterday morning and the first text message that greeted me was from one of India's leading private bank. My bank account was in that leading bank and the SMS was, "UPDATE: Balance in A/c XX1628 has gone below minimum limit of INR 5,000.00. Yesterday's balance: ...... Check A/c statements on the MobileBanking App" Seeing the remaining amount, I thought that how the balance is so low? Well, after login through net banking I found that it was a penalty amount called "Account Minimum Balance (AMB)" that the Indian banks, nowadays, are collecting from the common of India for the non-maintenance of minimum account balance. However, the shocking part is that my money was deducted despite maintaining the minimum account balance in the first week of the month. When enquired a...