HDFC Bank, the country’s largest bank by market capitalisation, has clarified that it has not made any change in the average minimum balance (AMB) of savings accounts. Some recent reports had claimed that the limit has been increased to Rs 25,000 in urban areas, but the bank said this is incorrect.

According to the bank, the average minimum balance for a regular savings account will remain at Rs 10,000. For a Savings Max account, the limit will remain at Rs 25,000. HDFC Bank said that different types of savings account options are available across rural, semi-urban, urban and metro branches, depending on the needs and profile of the customers. The bank will give preference to Savings Max accounts for new account openers in metro cities.

ICICI Bank reduces balance limit

Meanwhile, following customer dissatisfaction, ICICI Bank has changed the rules of minimum account balance (MAB) of its savings account. Now this limit has been reduced from Rs 50,000 to Rs 15,000 in metro and urban areas. For semi-urban areas, it has been reduced from Rs 25,000 to Rs 7,500 and for rural areas, it has been reduced from Rs 10,000 to Rs 2,500. This decision will be applicable to accounts opened from August 1.

What is the Average Minimum Balance?

Average minimum balance is the amount that a bank asks its customers to maintain on average in their savings account every month. It is decided by the bank as to what amount account holders are required to maintain in their account so that the account can run smoothly and avail the services provided by the bank. If account holders fail to maintain this average minimum balance amount, the bank may impose a penalty or charge.

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According to sources, now the CCPA has started its investigation and soon a fine can be imposed on the companies. Giving more information about this, Asim Manchanda of CNBC-Awaaz said that the issue of asking for advance tip on cab bookings is increasing.

Cab aggregators say that this is not an unfair trade practice. Customers have the option to refuse the advance tip. On the other hand, CCPA has started investigating the claims of the companies on this issue. The investigation of the companies may be completed by next week. After the investigation is completed, fines are possible on the companies. On May 16, CCPA had sent notices to the companies. CCPA had sent notices to Ola, Uber and Rapido.

The Central Consumer Protection Authority (CCPA) had issued this notice to cab aggregators for demanding advance tip for fast service. Union Minister Pralhad Joshi had also termed this system as unethical and exploitative. Pralhad Joshi had described this practice on X as “unethical” and “exploitative” and said that forcing passengers to tip for fast service falls under the ambit of unfair trade practice. A tip given after the service may be a symbol of appreciation, but it cannot become a right.

Know what is the whole deal with advance tip

While booking a cab on the cab aggregator app, users get the option to give an advance tip of Rs 50, 75 or 100 in the name of quick pickup and more chances of the driver accepting the ride. The app says add a tip for quick pickup. If you add a tip, the driver may be more likely to accept the ride. The app also states that the entire tip amount will be given directly to the driver and once the tip is added, it cannot be changed.

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Sometimes situations arise in life when money is suddenly needed, such as a health emergency or money for education. At such times, it becomes necessary to manage money.

To get a loan from a bank, we often have to follow various documents and rules. If you are also in such a situation, then there is nothing to worry about now. You will be happy to know that you can get a personal loan of up to Rs 2 lakh using your Aadhaar card. To get this loan, one can also take the help of banks and government schemes. Now getting a personal loan has become easy with the help of Aadhaar card.

Aadhaar card has become an important document for Indian citizens in today’s time. Now Aadhaar card is necessary for every work, be it opening a bank account, making a PAN card or for proof of address, Aadhaar card is used everywhere. Now Aadhaar card can be used not only as proof of identity and address but also for personal loans. If you need money in an emergency, then you can take a personal loan of up to Rs 2 lakh with the help of your Aadhaar card.

Advantages of taking a loan on Aadhaar card

Simple documents: Aadhaar card loans are different from normal loans as they do not require much documentation. Like proof of income, proof of address and proof of identity, only Aadhaar card is used instead. Aadhaar card verifies both identity and address, which reduces paperwork.

Digital Process: These loans are available online and the entire process is digital. This ensures faster approval and eliminates manual work, thus the loan amount is disbursed to the account quickly.

Faster process : These loans get approved quickly due to the digital application process. This saves you time and you can get the money easily.

Who can take a loan?

Age: To apply for this, your age should be between 21 and 60 years. He should be a citizen of India.

Credit Score : If your credit score is 650-700 or above, it becomes easier to get a loan and you can get lower interest rates.

Valid Aadhaar Card: Aadhaar card should be active and linked to the applicant’s mobile number for verification.

Employment status: You must be a salaried employee or self-employed person.

How to Apply

Apply Online: To apply for a loan, visit the lender’s (bank or NBFC company) website or download their mobile app.

Check eligibility: Check the eligibility criteria for the loan. You can check your eligibility using the lender’s calculator.

Upload Documents: Upload your Aadhaar card, PAN card and income proof for verification. To enable OTP based verification, make sure your Aadhaar card is linked to the mobile number.

Approval and Fund Transfer : The loan is approved after submitting the documents. Disbursement of the amount will usually be credited to your account within 24 to 48 hours.

Keep these things in mind before taking a loan:

Take a reliable bank loan only from a reliable bank or NBFC.

Interest rates: Personal loans are given without any collateral, so their interest rates depend on your credit score, income, credit history, and other factors. Before taking out a loan, compare interest rates from different lenders.

Processing Fees: Know about processing fees and other charges in advance to avoid any unexpected expenses at the last minute.

Manage EMIs: Understand your repayment capacity and ensure you are able to pay your EMIs on time.

Impact on credit score : Paying off your loan on time can improve your credit score, while defaulting or not paying can damage your credit standing. Therefore, take out a loan only when it is truly necessary.

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The post Aadhaar Loan Online: You can get a loan of up to Rs 2 lakh on your Aadhaar Card! Key Details Inside first appeared on Rightsofemployees.com.