if you opened a bank account and the bank said ‘you have to keep an average quarterly balance of Rs. 5000′ please ask them what it means.
In many banks this AQB means all your balances across savings, current, fixed deposits,…are all considered while this amount is calculated.
Recently one senior citizen who had opened a bank account with a bank called Ratnakar bank (not sure whether one should open an account – rather why somebody would choose such a bank beats me) had a poor experience.
He had opened a savings bank account with Rs. 5000 (min AQB of 5k) and then made a FD with them for Rs. 50,000. The quarterly interest is of course being transferred to his savings bank account. However he withdrew Rs. 4k from his sb account….The bank told him ‘SB account is different from FD account’ – they are not clubbed.
He is 85 years old….and obviously did not understand AQB…:-)
What he earns as interest in the FD he will lose almost that much as charges…
Have you wondered why banking is so profitable? Well deal with Ratnakar branch, Nerul branch, and you will experience it….:-)
The manager claims to be from Icici bank and says ‘it is the same in ICICI bank’…..LOL either he never knew or forgot.
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