HDFC Bank has revised the average quarterly balance (AQB) requirements of various deposit accounts. In case of regular savings account, the minimum AQB to be maintained will be Rs 10,000 and Rs 5,000 for urban and rural branches, respectively. For kid’s advantage accounts and senior citizen accounts, this figure stands at Rs 5,000 across branches. These changes will come into effect from April 1, 2010, for its existing accountholders. Earlier, the bank had revised rates for its new customers as well.
As the name suggests, it's an electronic process through which money can be transferred from one bank account to another. According to RBI, this mode is usually used for regular payments and receipts, like distribution of dividend, interest, salary, pension etc. This mode is also used for collection of bills for telephone, electricity, water, various types of taxes, payment of EMIs , investments in mutual funds , payment of insurance premium etc. There are two types of ECS , like most other banking transactions, ECS credit and ECS debit. An ECS credit is used by a bank account holder , usually a large company or an institution for services like payment of dividend, in terest, salary, pension etc. If your mutual fund pays you dividend to your bank account, of all probability it is being paid through ECS credit.ECS debit, on the other hand, is used when a company or an institution is getting money from a large number of people. For example if you are investing in a mutual fund sc...
