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Non-maintenance charges on online current account with IndusInd Bank
Posted on Monday, June 3rd, 2024 | By IndusInd Bank
Online banking has become an indispensable part of our lives, especially for businesses, in today’s digital age. IndusInd Bank like other banking institutions in India, offers online current accounts tailored to meet the diverse needs of businesses. One of the key charges that account holders need to be aware of is non-maintenance charges applicable when the Average Monthly Balance (AMB) to be maintained in the account is not met. It is highly important to understand these charges for businesses to effectively manage their finances. Let’s get into further details in this blog.
What are Non-Maintenance Charges?
Fees levied by a bank when the account holder fails to maintain the prescribed minimum balance in their current account is referred to as non-maintenance charges. All the banks set a specific AMB requirement for their current accounts. The bank imposes non-maintenance charges if the average balance falls below this threshold during a particular month.
IndusInd Bank’s Non-Maintenance Charges
IndusInd Bank clearly outlines the non-maintenance charges associated with its online current accounts. Non-maintenance charges may vary depending on factors such as the type of current account. It is essential for account holders to understand the exact charges related to their account type by reviewing the specific terms and conditions applicable. Listed below are the non-maintenance charges levied by IndusInd Bank on their prominent current account types.
Account Type | Charges for Non-Maintenance |
Indus Select Current Account | 10% of the shortfall in required AQB as per program, subject to max of ₹900 |
Indus Premier Current Account | ₹1000 per month if AMB is >=50% but <100% & ₹1500 per month if AMB is <50% |
Indus Tarakki Current Account | Rs. 600 per month, if required transaction is not done in a month |
Indus Freedom Current Account | Rs 600/- per month, if required transaction is not done in a month |
Managing Non-Maintenance Charges
There are several strategies businesses can employ to minimize non-maintenance charges levied by banks such as regular monitoring of account balance, optimal fund allocation and utilizing sweep-in facility. Let’s take a closer look at some measures.
- Monitoring your account balance regularly by setting alerts or reminders can help prevent unintentional dips below the AMB.
- Strategically allocating funds to ensure the account balance remains above the minimum requirement can lead to a healthy account balance.
- Utilize sweep-in facilities offered by banks where surplus funds from linked savings accounts are automatically transferred to the current account
Conclusion
Non-maintenance charges are an aspect of current account banking services and understanding them effectively can minimize fees and optimize your experience. Based on your business requirements and industry type, open an IndusInd Bank online current account and maintain AMB. Stay in control of your finances and avoid unnecessary expenses by reviewing account statements, staying informed about account terms and conditions, and exploring available banking features.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.