1. Minimum Balance Requirement of BanksAs per Bank policy, an account should keep a certain amount of balance in the account. If a minimum balance is not kept in the account, banks will charge fine for it.
ICICI bank charges SMAB [Non maintenance of minimum monthly average balance (NMMAB) which is Rs.5,000 to Rs.10,000 for Metro / Urban locations, then MAB is Rs.350 per month. For rural locations, minium balance must be equal or mor than Rs.5,000, if not fine is Rs.450 per month.]
HDFC Bank deducts fine for non maintenance of Average Monthly Balance (AMB) from savings account. As per bank policya minimum AMB of Rs. 10,000 (metro/urban branches), Rs. 5000 (semi-urban), Rs. 2500 AQB (rural branches) should be kept in the account.If not charges will be levied from INR 150 to 600 depending upon location.
SBI charges non maintenance of both MAB charges and QAB [Quarterly average Balance] charges.For accounts in metro cities, a penalty of 100 Rs will be charged as MAB charges.For current accounts, QAB should be 10,000 Rs and fine is 544 Rs for non maintaining it. There is no QAB charge for Savings Accounts.
2. Victim of Online Frauds
3. Issues in Managing Statements, Deposits and Balance
4. Getting Less Interest Rate For Money
5. Keeping Passbook, Cheque, ATM Card, Credit Card Safe
6. ATM / Credit Card Transaction Charges
7. Increases Chances of High Spending
Best Advises ForOpening Multiple Bank Accounts
Update: You can have a SB account for savings and a checking account [current account]. Current account allows you to deposit money and withdraw whenever needed. You can also have multiple checking accounts also in the same bank.
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