Bank account holders are required to maintain a minimum balance in their savings account. However, most of the banks currently offer zero balance service, but not all customers get this benefit. This benefit is mostly available in salary accounts.
It is necessary to maintain minimum balance (average monthly balance – AMB) in every bank’s savings account. The bank deducts charges on your savings account for non-maintenance of minimum balance. Here you are being told how much minimum balance you have to maintain in some banks.
State Bank of India (SBI)
The AMB requirement in SBI’s Basic Savings Account was spent in March 2020. Prior to this revision, SBI account holders in a metro area, semi-urban area and rural area had to maintain a monthly balance of Rs 3,000, Rs 2,000 or Rs 1,000 respectively. For non-fulfillment, a fine of between Rs 5 and Rs 15 was imposed every month.
HDFC bank
Savings account customers with HDFC Bank are required to maintain an average monthly balance of Rs 10,000 in urban areas and metro cities. In semi urban this limit is Rs 5,000. In rural areas, customers are required to maintain an average balance of Rs 2,500 in a savings account. Penalty is applicable for non-maintenance of the minimum amount.
ICICI Bank
Savings account customers with ICICI Bank are required to maintain an average monthly balance of Rs 10,000 in urban areas and metro cities. In semi-urban cities, this limit is Rs 5,000. In rural areas, customers are required to maintain an average balance of Rs 500 in a savings account. Penalty is applicable for non-maintenance of the minimum amount.
Punjab National Bank
Savings account holders are required to maintain a balance of Rs 20,000 on a quarterly basis in Punjab National Bank branches in urban areas. 1,000 in semi-urban areas and Rs 500 in rural areas.
Kotak Mahindra Bank
Kotak Mahindra Bank savings account holders need to maintain an average monthly balance of Rs 10,000 in metro areas and Rs 5,000 in non-metro areas. If the minimum balance is not maintained, there will be a charge of 6% per month.
