Ask Experts » Finance & Banking » Banking »

Negative balance in Citi Bank salary account

Date: 16 Jul 2014   Posted By: Mobile Boy     Group: Finance & Banking    Category: Banking   

I got my Citi bank salary account in my first company. After 6 months I left that company. Now my account balance is Rs. -523. When I asked to customer care they said my account converted to savings account as no salary credited for past 3 months. Also I need to maintain some minimum balance if not service charges for Rs.500 will get neglected every month. I had some single digit rupee in my account and they deducted Rs.500 and currently my account balance is negative.

Do I need to worry about it. Should I need to pay them? What happens if they remain unpaid because I need to pay Rs.500 for nothing.

What will happen if your bank account has negative balance? How does Citibank handle negative balance in the account? Read the expert suggestions.

Author: Ankit    06 Aug 2014      Member Level: Gold     Points : 1  (Rs 1)    Voting Score: 0

Citibank accounts with negative balances are automatically closed after some period. You do not need to do anything from your side.

Author: P    05 Nov 2014      Member Level: Silver     Points : 3  (Rs 3)    Voting Score: 0

Almost all private banks charge their customers for not maintaining a minimum quarterly balance. In your case Rs. 500/- per quarter.

As it is only a charge imposed on a customer to maintain a banking discipline among customers and not a credit/loan of any sort, you are not bound to pay, in case you don't want to activate the account. However, in case you need to activate the account, it will be done only after paying the penalty charges.

Post Answer

You must Sign In to post a response.

Post Answer        

Related Questions
  • Return to Question Index
  • Ask Question to Experts

  • Top Contributors
      Last 7 Daysmore...