Can Banks charge for MAB in this Case...???

[talkwithfino]

I had read in one thread on this forum long back; that Banks cannot put your balance in -ve solely on the basis of MAB related charges.

Suppose, I have an account with Axis/Hdfc which requires 10k MAB ; and lets say I mainatain ₹0 from 1st Feb to 30th April complete 3 months. Then on 1st May I fund my account with 25k,. And let's say the bank deducts charges normally on 5th of every month for the balance maintained during previous month.

Then, can the Bank deduct MAB charges for the month of Feb, March and April from this amount....????

@bhavyegoel @TechnoFino @Subhankar ....😅

 

[gauravraj]

I had read in one thread on this forum long back; that Banks cannot put your balance in -ve solely on the basis of MAB related charges.

Suppose, I have an account with Axis/Hdfc which requires 10k MAB ; and lets say I mainatain ₹0 from 1st Feb to 30th April complete 3 months. Then on 1st May I fund my account with 25k,. And let's say the bank deducts charges normally on 5th of every month for the balance maintained during previous month.

Then, can the Bank deduct MAB charges for the month of Feb, March and April from this amount....????

Yes

When you have ₹0 , your account balance got negative due to charges and it adjusted from the amount you fund in future.

 

[talkwithfino]

Yes

When you have ₹0 , your account balance got negative due to charges and it adjusted from the amount you fund in future.

Account balance cannot be negative solely on the basis of MAB charges ->> This is RBI Directive

 

[gauravraj]

Account balance cannot be negative solely on the basis of MAB charges ->> This is RBI Directive

Here is a recent reality.

 

[talkwithfino]

Here is a recent reality

If the charges are solely based on non maintenance of Balance ; then the bank cannot charge you penalty once your balance reaches zero.

Raise a complaint to ->> Customercare@unionbankofindia.com

 

[Bodhi]

If the charges are solely based on non maintenance of Balance ; then the bank cannot charge you penalty once your balance reaches zero.

Raise a complaint to ->> Customercare@unionbankofindia.com

Axis deducts non maintenance
charges when you deposit money or make any transactions through the account, if you're account doesn't hold funds before.

Is this allowed as per RBI rules?
@talkwithfino

 

[VISHESH_BANSAL]

Here is a recent reality.

Check your Passbook or E-statement.
Available Balance in Passbook or E-statement will never show negative balance in any Case except Overdraft.

In case of overdraft Account Balance was actually made negative to calculate and recover interest and negative balance due to Overdraft will Appear in Passbook and E-statements as well. This negative balance indicates You have withdrawn extra Amount over and Above the Existing Balance.

That negative Amount in the Image only reflects and to remind you that You have some pending charges against your Account which will be settled when you fund your Account.
Actually Your Available Balance is still zero.
If Pending Charges really makes your Account Balance negative then Along with Pending Charges Bank will recover Interest also and
You are also Liable to pay interest as According to you your Account Balance is negative which means You have withdrawn extra Amount over and Above the Existing Balance.

 

[gauravraj]

Check your Passbook or E-statement.
Available Balance in Passbook or E-statement will never show negative balance in any Case except Overdraft.

In case of overdraft Account Balance was actually made negative to calculate and recover interest and negative balance due to Overdraft will Appear in Passbook and E-statements as well. This negative balance indicates You have withdrawn extra Amount over and Above the Existing Balance.

That negative Amount in the Image only reflects and to remind you that You have some pending charges against your Account which will be settled when you fund your Account.
Actually Your Available Balance is still zero.
If Pending Charges really makes your Account Balance negative then Along with Pending Charges Bank will recover Interest also and
You are also Liable to pay interest as According to you your Account Balance is negative which means You have withdrawn extra Amount over and Above the Existing Balance.

They will deduct the negative charges , when I fund my account.

Overdraft facility is for current account and mine is savings.

 

[VISHESH_BANSAL]

They will deduct the negative charges , when I fund my account.

Overdraft facility is for current account and mine is savings.

When you take OD against FD your Savings Account becomes OD Account

So In Savings Account also OD can be provided against FD and Then Your Savings Account will reflect Balance in Negative even In Passbook and E-statement which we can call Actual negative balance.

 

[gauravraj]

When you take OD against FD your Savings Account becomes OD Account

So In Savings Account also OD can be provided against FD and Then Your Savings Account will reflect Balance in Negative even In Passbook and E-statement which we can call Actual negative balance.

Aree yar normal saving account hai 😂

 

[talkwithfino]

Axis deducts non maintenance
charges when you deposit money or make any transactions through the account, if you're account doesn't hold funds before.

Is this allowed as per RBI rules?
@talkwithfino

Thts exactly my question in this thread.....😅

I believe; if you fund the acc in the same/next month; then the banks might deduct charges; since many banks charge AMB non maintenace of the previous month in the current ongoing month.

The question I had was ->> Like can banks actually deduct the penalty afterwards.... like in the example I have given above...??

 

[VISHESH_BANSAL]

Thts exactly my question in this thread.....😅

Like can banks actually deduct the penalty afterwards.... like in the example I have given above...??

Just like You Accept MITC before Applying Credit Card, for Opening Savings Account you Accept SOC relevant to that Account Variant.

You are Liable to pay service Charges for the chargeable services as per SOC.

If you are not able to maintain Account AMB then Close it to avoid charges in Future. Why to Blame Bank for Non Maintenance Charges when you know that You have to Maintain a Particular AMB, if not maintained then Bank will deduct NMC as per SOC

or Avoid Availing Chargeable Service like Demand Draft amd Cash Deposit beyond free limits or Avoid doing any Activity which attract charges like Cheque/ Auto Debit Return.

I have Axis Savings Account and Except SMS charges I have not paid a single Rupee Extra to Axis Bank in the Name of Consolidated Charges for Which Axis Bank is Famous.