| 4th May 2016 11:49 AM | |
| Kiran Chandar | 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 Zero 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 ING VYSYA Bank ATMs 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 ## Remittances A. Demand Draft/Pay Order NA 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 NA 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 Free Transfer of funds within ING Vysya Bank branches Free Cheque Collection 1. OUTWARD (a) Local clearing and outstation cheques drawn on ING Vysya Bank locations Free (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 NA 2.INWARD (a) Cheques received from other banks for payment (LBCs)-Local Free (b) Cheques received from other banks for payment (LBCs)-Outstation Free 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 Free ECS mandate verification Rs. 50/- Charges for Direct Debit Returns Rs. 200/- per Debit return CIC Report Charges Consumer CIR Rs. 200/- + Applicable Taxes CIR + Credit Scores Rs. 550/- + Applicable Taxes Commercial CIR 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 Free |
| 4th May 2016 10:35 AM | |
| Unregistered | Ing Vysya Bank Zero Balance Account Can you tell me if Basic Savings Bank Deposit Account in ING Vysya Bank (now Kotak Mahindra) can be opened with Zero amount as I want to open a one? |
