Car loan lender IDBI Bank removes minimum balance condition on savings and current a/cs
by 4, September, 2010 0 |
Car loan lender IDBI Bank has removed the requirement for minimum balance on its current and savings accounts as well as majority of the service charges on these accounts. The bank has taken this step so as to boost its share of CASA deposits.
However it will still charge for bounced cheques on these accounts.
RM Malla, IDBI Bank’s CMD said, this move was taken by the bank so as to raise its low cost deposits. These deposits comprise mere 14% of the bank’s total deposits. The bank’s share of retail deposits is still quite low.
Till date the bank charged around Rs 100 to Rs 200 if the average quarterly balance went below Rs 5000 and Rs 10,000 for savings and current accounts requirements.
The bank has eliminated service charges on interbank transactions, ATM cash withdrawals etc.
The only charge that the bank will keep is fine on bounced cheques. Mr Malla said, “It is an issue of governance and that is the only service for which the customer would be charged”.
All other charges on DD issuance, DD cancellation, cash deposit etc. have been removed.
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