Minimum balance charges – Lien marking in the Accounts.
Customers maintaining savings Bank Accounts and Current Accounts need to maintain stipulated minimum balance in their accounts for the schemes under which they are opened. Under the said schemes they are eligible for some services and if they fail to maintain minimum balance the bank will charge minimum balance charges as specified in the service charges annexure disclosed on the website and informed to them at the time of opening of the account.
When minimum balance charges are run, if sufficient balance does not exist in the accounts, charges are not debited to the respective customers account but a lien for amount is marked for the accounts for which charges are pending from 1.1.2010. The system will note a lien on this amount and allow withdrawals only on the balance amount available in the account after excluding the lien amount.
Customers are advised to ensure to maintain sufficient balance in the accounts so as to avoid such charges and consequent return of cheques on account of lien marking in the accounts. The said procedure of lien marking is made with retrospective period from 1.1.2010.