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I had a salary account in a nationalized bank for my two months of summer internship and then it got converted to a savings account. The minimum balance (monthly average balance) required was 10000 INR, and I haven't maintained it.

Now I have been charged 9500 INR. So what should I do now? Does this affect me in future?

Being a student, I am not able to pay the charges. Please help :) Thanks in advance.

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    You have two options - pay the charges, or dispute them. If you dispute them you may well lose (since I'm sure you signed up to the Ts and Cs in the first place) and potentially end up having to pay some costs as well as the original charges. Chalk it up to a life lesson and move on.
    – Vicky
    Sep 12, 2017 at 7:15
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    Ask someone to pay the charges for you. Find a new bank with a lower minimum.
    – Joe Strazzere
    Sep 12, 2017 at 13:17
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    @JoeStrazzere Will you pay the charges for me? I guess nobody wants to pay this much amount for nothing
    – aarti patil
    Sep 13, 2017 at 10:16
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    @aartipatil - sorry. I pay all of my own bills.
    – Joe Strazzere
    Sep 13, 2017 at 10:43

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Now I have charged 9500INR.

Rs 9,500 for non maintenance of balance is quite high. Are you sure you got charged for this amount?

So what should I do now, Does this affect me in future?

Visit the Branch and Request the charges be waived off. Close the Bank Account or open a no frills account that does not require minimum balance.

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  • I am assuming the OP only notice the charge just now. The 2 month internship might have been quite sometime back.
    – DumbCoder
    Sep 12, 2017 at 13:25
  • Yes, The charges were around 630rs per month and I didn't noticed the text messages that I have got over the 1 and half year. Bank manager said I have to pay the charges even though I want to close the account.
    – aarti patil
    Sep 12, 2017 at 13:29
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    @aartipatil Did you do any transactions [withdrawals, deposits] on this account for the said period.
    – Dheer
    Sep 12, 2017 at 13:41
  • @Dheer No, there were no transactions for the mentioned period.
    – aarti patil
    Sep 13, 2017 at 4:48
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    @aartipatil If there is no transactions, the bank can only charge you for 3 months and then stop it. There is some RBI regulation around this, let me see if I can find it.
    – Dheer
    Sep 13, 2017 at 14:14
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WHAT? Rs. 9,500 that's too much.

The RBI has made it clear through a circular issued in 2014 that accounts of all student beneficiaries under the various Central/State Government Scholarship Schemes should be free from restrictions of minimum balance and total credit limit.

You may open a ‘Basic Saving Bank Deposit (BSBD) account’, that provides normal basic banking services without the requirement of any minimum balance.

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