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Abm charges deducted

Anil Kumar (B.Com) (1 Points)

31 January 2017

I have holding a savings account with HDFC Bank. Recently from the statement of account I have noticed that they are continuously deducting AMB charges from last two months from my account. Whats that charge for??? Is it legal?? Kindly help!

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177027 Points)
Replied 31 January 2017

AMB (Average Monthly Balance) is required to be maintained by customer, as agreed under contract (terms and conditions signed while opening the account), as and when modified by bank, unless it is a zero balance/ salary/ basic (Jan Dhan) account. Otherwise the bank has right to punish you!! Kindly refer latest circular on the Fees and Charges levied on the savings account.