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Old 4th May 2016, 12:19 PM
Super Moderator
Join Date: Apr 2013
Default Re: Ing Vysya Bank Zero Balance Account

The minimum balance maintenance requirements in Savings Bank Account in ING Vysya Bank (now Kotak Mahindra) are as follows:

Effective April 01, 2015, the following changes will be applicable to your Savings Bank account:

1. The minimum average balance to be maintained in account, changes from Quarterly
Average Balance (QAB) to Average Monthly Balance (AMB)

2. Reduced fee for non-maintenance of AMB in Savings bank account

3. If the amount maintained by in Savings bank account is less than the required AMB, one receives a reminder email and/ or SMS, requesting restore the balance to avoid fee towards non-maintenance of AMB.

4. If one does not maintain the AMB for the next month in Savings bank account, i.e., no maintenance for two consecutive months, fee towards non maintenance for those months will be charged to account.

Basic Savings Bank Deposit Account Details

Service Charges for Non-Maintenance of Quarterly Average Balance (QAB)
Quarterly service charges for Non-Maintenance of QAB

General Charges per annum of Accounts
Free Annual
Free Monthly

Additional per annum of accounts
Daily - Rs. 750/- p.a.
Weekly - Rs. 400/- p.a.
Fortnightly - Rs. 200/- p.a. (Plus postage charge Rs. 5/- by mail, Rs. 10/- by courier, per statement, if not collected in person)

Issue of Duplicate / Adhoc statements
Rs.10/- per request

Cheque book issuance
Rs. 50/- per chequebook of 25 leaves

Charge for additional cheque book beyond free limit
Rs. 50/- per additional cheque book of 25 leaves
ATM Usage

Cap of maximum 4 withdrawals per month (including bank, ATM and Debit Card transactions)

Other Bank ATMs
Cap of maximum 4 withdrawals per month (including bank, ATM and Debit Card transactions)

International Cirrus ATMs
USD 2.50 per withdrawal & enquiry

Issue of International Debit Card and Annual maintenance charges
First Year : Free
Renewal Fee : Rs. 0 /- per annum
Reissue: Rs. 150/- per request

Charges for re-generation of Debit Card PIN sent through Courier
Rs. 50/-

Image Customization Charges
Rs. 199/- onwards

Standing Instructions
1. Transfer from one account to another account within profile network (Intercity)
Set Up - Free
Execution - Fee
2. External Payments
Set Up - Rs. 100/-
Amendment - Rs. 25/-
Execution - Rs. 25/- per execution + Remittance charges + Postage
3. Standing Instructions-NRI Customers NRO/NRE SB accounts. Set up and execution of each instruction (for external payments) on behalf of all NRI customers-No charges
Not Applicable

Closure of Accounts (Within 1 year of opening) (Charges to be collected at the time of closure of account)
Rs. 500/-

Branch Transaction Charges
Free cap of maximum 4 withdrawals per month (including bank, ATM and Debit Card transactions)

Stop Payment of Cheque/ECS
Rs. 100/- per cheque/ECS & Rs. 200/- per series
SMS Alerts (Free for ATM & POS transactions)
SMS charges : Rs. 2 per SMS ##

A. Demand Draft/Pay Order
B. DD/PO Issuance charges
Up to Rs. 50,000/- Rs. 2.50/- per Rs. 1000/- min Rs. 50/-; Rs. 50,001/- to Rs. 2 lakhs Rs. 2.00/- per Rs. 1000/- min
Rs. 125/-; Beyond Rs. 2 lakhs Rs. 1.00/- per Rs. 1000/- min Rs. 400/- (Max Rs. 6000/-)
Charges for PAP Cheque Payments - Intercity Clearing
AAA (intercity) Cash Deposits
Not Applicable
(b) Charges beyond free limits
Up to & inclusive Rs. 25,000/-: Rs. 2 per Rs. 1,000 - Above Rs. 25,000 to < Rs. 50,000: Rs. 3 per Rs. 1,000 - Rs. 50,000 & above: Rs. 5 per Rs. 1,000/- (Minimum charge: Rs. 50 per deposit)
(c) All Third Party Deposits with prescribed letters from account holders
Charged at Rs. 5/- per Rs. 1,000/- with a minimum of Rs. 50/- per transaction

Charges for RTGS (Inward: free for all product)
Up to Rs. 5 lakhs, Rs. 25/- per transaction & Rs. 5 lakhs and above Rs. 50/- per transaction

Charges for NEFT (Inward & Outward, Inward: free for all products)
Upto Rs. 10000/- - Rs. 2.50/-
From Rs. 10000/- to Rs. 1lakh – Rs. 5/- per transaction
Above Rs. 1 lakh upto Rs. 2 lakh - Rs. 15/- per transaction
Above Rs. 2 lakh- Rs. 25/- per transaction

Charges for Online NEFT & RTGS

Transfer of funds within ING Vysya Bank branches

Cheque Collection
(a) Local clearing and outstation cheques drawn on ING Vysya Bank locations
(b) Collection of outstation cheques - Non ING Vysya Bank locations
Upto and including Rs. 5,000/- - Rs. 25/-, Above Rs. 5,000/- and up to Rs. 10,000/- - Rs. 50/-, Above Rs. 10,000/- and up to Rs. 1,00,000/- - Rs. 100/-, Above Rs. 1,00,000/- -Rs. 150 /-
(c) NRI Accounts

(a) Cheques received from other banks for payment (LBCs)-Local
(b) Cheques received from other banks for payment (LBCs)-Outstation
Cheque return charges per instrument

Cheques deposited by customers and returned unpaid-outstation (returned to us)
Rs. 50/- + other bank charges

Cheques deposited by customers and returned unpaid-local (returned to us)
Rs. 100/- per instrument

Cheque issued by customers and returned by us including ECS mandate and Post dated cheques including IVBL cheques
Rs. 400/- per cheque for Insufficient Funds. No charges for any other reason."

Special Services

Balance confirmation (One free per financial year)
Rs. 50/-
Signature Verification
Rs. 25/- per attestation
No due certificate
Rs. 25/- per certificate. No charges for Govt sponsored schemes
Old Record Enquiry
Rs. 100/- for each enquiry more than one year old from the date of request
Charges for changes in operational instructions or noting change in the signature/name

ECS mandate verification
Rs. 50/-

Charges for Direct Debit Returns
Rs. 200/- per Debit return

CIC Report Charges

Rs. 200/- + Applicable Taxes

CIR + Credit Scores
Rs. 550/- + Applicable Taxes

Rs. 1000/- + Applicable Taxes

Accounts not operated for more than 24 months
Accounts not in operation (i.e. no customer initiated transaction) for the last 24 months will be levied half yearly charge
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