Should I Close My Axis Bank Account Due to MAB Issues?

[Alexriser]

Hi everyone,

TF Advisors help me

I'm facing a dilemma regarding my Axis Bank account. I haven't been able to maintain the minimum average balance (MAB) for the past two months. As a result, I'm being charged fees. I'm not sure if I should:

1. Close the account and switch to a bank with lower or no MAB requirements.
2. Apply for a zero-balance account with Axis Bank if they offer one.

I'm on a tight budget and can't afford the MAB fees. What are your suggestions? Have you faced similar situations?Please share your experiences and advice.

I need to decide before end of month Please help me with any possible suggestions ASAP!!

Thank you!

 

[Chhota Bheem]

Additional information is required:

• Is this your primary bank account
• Did you open account to get credit card
• Is auto debit linked to this account
• Other facilities availed at this bank
• Do you have any other bank account

 

[Alexriser]

Additional information is required:

• Is this your primary bank account
• Did you open account to get credit card
• Is auto debit linked to this account
• Other facilities availed at this bank
• Do you have any other bank account

Yes it was my primary bank account, Not at first I didn’t have knowledge about credit cards, I don’t know what is auto debit, expect SIP nothing linked and. No scholarship linked, I have one other account in SBI INSTA SAVING wala but need a good banking experience

 

[asahi]

If you need a Decent Bank Account with Zero Balance Requirements go for
Bank Of Baroda Lite/Bro Account
Punjab National Bank PMJDY ACCOUNT.
IndusInd Online Savings Account(But 500+ debit card charges)
These Bank accounts has no restrictions & par with regular bank accounts
I personally hold bob & pnb accounts.

Close that shit hole Aixs Bank Account.

Pnb & Bob will give you Rupay Platinum debit card which can be used on Amazon

 

[Chhota Bheem]

There is no zero balance regular account in Axis Bank, even in rural branches MAB is ₹2500.

You can convert to BSBDA account (0 MAB) but there will be certain restrictions on transactions, it's not recommended.

So, close this account after updating bank details for SIP as the charges are high and customer support is pathetic.

You already have SBI account, make it your primary bank account. This is 0 MAB account. For any problems you can reach the branch manager.

In private banks, Kotak 811 or AU digital savings account provide 0 MAB savings account.

Banks provide better service based on the relationship value, there's no perfect answer to this but you can try other bank accounts mentioned.

 

[Alexriser]

There is no zero balance regular account in Axis Bank, even in rural branches MAB is ₹2500.

You can convert to BSBDA account (0 MAB) but there will be certain restrictions on transactions, it's not recommended.

So, close this account after updating bank details for SIP as the charges are high and customer support is pathetic.

You already have SBI account, make it your primary bank account. This is 0 MAB account. For any problems you can reach the branch manager.

In private banks, Kotak 811 or AU digital savings account provide 0 MAB savings account.

Banks provide better service based on the relationship value, there's no perfect answer to this but you can try other bank accounts mentioned.

BRO THANKS FOR YOUR ADVICE
Just 1 question. I was planning to open savings account with HDFC ₹5000 MAB cos they offer attractive credit cards. I plan to start a fixed deposit with the New account worth ₹20k to get pre approval for any credit card.


IS this a good idea or do you have any other suggestion or any other bank account and fixed deposit option that should be considered?

 

[Alexriser]

If you need a Decent Bank Account with Zero Balance Requirements go for
Bank Of Baroda Lite/Bro Account
Punjab National Bank PMJDY ACCOUNT.
IndusInd Online Savings Account(But 500+ debit card charges)
These Bank accounts has no restrictions & par with regular bank accounts
I personally hold bob & pnb accounts.

Close that shit hole Aixs Bank Account.

Pnb & Bob will give you Rupay Platinum debit card which can be used on Amazon

BRO THANKS FOR YOUR ADVICE
Just 1 question. I was planning to open savings account with HDFC ₹5000 MAB cos they offer attractive credit cards. I plan to start a fixed deposit with the New account worth ₹20k to get pre approval for any credit card.


IS this a good idea or do you have any other suggestion or any other bank account and fixed deposit option that should be considered?

 

[Chhota Bheem]

BRO THANKS FOR YOUR ADVICE
Just 1 question. I was planning to open savings account with HDFC ₹5000 MAB cos they offer attractive credit cards. I plan to start a fixed deposit with the New account worth ₹20k to get pre approval for any credit card.


IS this a good idea or do you have any other suggestion or any other bank account and fixed deposit option that should be considered?

You can go with Kotak 811 account (0 MAB), they will provide credit card easily.

If you don't get pre approved offer then Fixed deposit based card is also available for low amount like ₹5000.

This way you can build good credit score and in future definitely can go with HDFC for premium cards.

I'm suggesting this because FD worth 20k doesn't make you eligible for a credit card and have to maintain 5k MAB as well with HDFC.

 

[telescope]

Hi everyone,

TF Advisors help me

I'm facing a dilemma regarding my Axis Bank account. I haven't been able to maintain the minimum average balance (MAB) for the past two months. As a result, I'm being charged fees. I'm not sure if I should:

1. Close the account and switch to a bank with lower or no MAB requirements.
2. Apply for a zero-balance account with Axis Bank if they offer one.

I'm on a tight budget and can't afford the MAB fees. What are your suggestions? Have you faced similar situations?Please share your experiences and advice.

I need to decide before end of month Please help me with any possible suggestions ASAP!!

Thank you!

Close that account ASAP. Ask them to reverse the charges as goodwill gesture and close the account. Branch can easily reverse the charges.

 

[Alexriser]

You can go with Kotak 811 account (0 MAB), they will provide credit card easily.

If you don't get pre approved offer then Fixed deposit based card is also available for low amount like ₹5000.

This way you can build good credit score and in future definitely can go with HDFC for premium cards.

I'm suggesting this because FD worth 20k doesn't make you eligible for a credit card and have to maintain 5k MAB as well with HDFC.

But bro, I don’t have a Kotak bank in my city. I live in tier 2 city. Is there any other bank ? I can open only 1 new account where in I will start an fd or start an fd with SBI keep new opening account as daily use

 

[Alexriser]

Close that account ASAP. Ask them to reverse the charges as goodwill gesture and close the account. Branch can easily reverse the charges.

I haven’t done them good for last 2 months I had not kept 1rs with them. I am just fed up of their response and handling. They charged me in negative

 

[telescope]

I haven’t done them good for last 2 months I had not kept 1rs with them. I am just fed up of their response and handling. They charged me in negative

They’ll remove all negative balance and close the account. Just go to branch. Don't delay and make them your account more into negative.

 

[Anshit]

Usually Axis Bank converts the account to 'Basic Account ' if you don't maintain MAB for 3 months I guess, Which I believe is a 0 MAB account, Till the time you are finding a new bank you opt for tha Basic Account with Axis to avoid more charges

 

[Trust Me]

They charged me in negative

But isn't that against RBI directive?!
.

 

[bhauka11]

If you need a Decent Bank Account with Zero Balance Requirements go for
Bank Of Baroda Lite/Bro Account
Punjab National Bank PMJDY ACCOUNT.
IndusInd Online Savings Account(But 500+ debit card charges)
These Bank accounts has no restrictions & par with regular bank accounts
I personally hold bob & pnb accounts.

Close that shit hole Aixs Bank Account.

Pnb & Bob will give you Rupay Platinum debit card which can be used on Amazon

Pnb pmjdy can be opened online or by branch visit??

Also, what r debit card charges??

 

[Alexriser]

Hi everyone,

TF Advisors help me

I'm facing a dilemma regarding my Axis Bank account. I haven't been able to maintain the minimum average balance (MAB) for the past two months. As a result, I'm being charged fees. I'm not sure if I should:

1. Close the account and switch to a bank with lower or no MAB requirements.
2. Apply for a zero-balance account with Axis Bank if they offer one.

I'm on a tight budget and can't afford the MAB fees. What are your suggestions? Have you faced similar situations?Please share your experiences and advice.

I need to decide before end of month Please help me with any possible suggestions ASAP!!

Thank you!

But isn't that against RBI directive?!
.

Don’t know yaar I m scared this month is going to end now , my current balance is -300 if I don’t change bank would it become ₹-900 or remain -300

 

[Alexriser]

Hi everyone,

TF Advisors help me

I'm facing a dilemma regarding my Axis Bank account. I haven't been able to maintain the minimum average balance (MAB) for the past two months. As a result, I'm being charged fees. I'm not sure if I should:

1. Close the account and switch to a bank with lower or no MAB requirements.
2. Apply for a zero-balance account with Axis Bank if they offer one.

I'm on a tight budget and can't afford the MAB fees. What are your suggestions? Have you faced similar situations?Please share your experiences and advice.

I need to decide before end of month Please help me with any possible suggestions ASAP!!

Thank you!

Please help some TF seniors give me some advice or guidance and roadmap for starting my credit journey @SSV @Vasuki @Wealth is my birth right! @Abhishek012 @VISHESH_BANSAL

 

[Dragon_slayer]

Close the account completely and move to IDFC. For small balance you will get more benefits at IDFC

 

[telescope]

Don’t know yaar I m scared this month is going to end now , my current balance is -300 if I don’t change bank would it become ₹-900 or remain -300

See, there is nothing to panic. Go to your branch tomorrow with id proof, passbook / cheque book etc and say that you want to close account. If they ask you for reason, just say that you have financial problem and can't maintain minimum balance. They'll give a closure form. Sign and submit. That's all. Chill.

 

[telescope]

Don’t know yaar I m scared this month is going to end now , my current balance is -300 if I don’t change bank would it become ₹-900 or remain -300

They will not ask you to deposit the negative amount. There is less than 1% chance they'll ask you to give that negative amount. Even if they ask, just say politely to waive off the charges, they'll instantly do it in few clicks. You'll get SMS confirmation later that account has been closed. So, no worries. Go to branch and sort it out.