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.

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It is important to maintain minimum average balance After opening an account in any bank, it is necessary that you must maintain minimum average balance in your account. Under the minimum average balance, the balance fixed by the bank has to be maintained in the account. If you are not able to maintain this balance then penalty is charged by the bank. Every bank sets an average limit, the customer is always required to keep money in the account up to that limit.

The limit of some banks is same, banks have their own average minimum balance fixed. However, some banks have the same limit while some have different. Here today we will tell you about the minimum balance of the country’s giant banks SBI, ICICI Bank and HDFC Bank.

How much balance is required to be maintained in SBI?

What is the minimum balance to be kept in the savings account of State Bank of India (SBI), it depends on where you live. The minimum limit in the account of SBI is from one thousand rupees to three thousand rupees according to the city. For rural areas, this is Rs 1,000, if you have an account in a semi-urban area branch, then you need to keep Rs 2,000 in your account. Apart from this, in metro city this limit is Rs 3,000.

Average Minimum Balance in Account for HDFC The limit of Average Minimum Balance in HDFC depends on your residency. In cities, this limit is Rs 10,000. At the same time, there is a limit of Rs 5,000 in semi-urban areas and Rs 2,500 in rural areas.

Limit of ICICI Bank The minimum balance has to be maintained in the account of ICICI Bank as well as HDFC. Here it is necessary to maintain a limit of Rs 10,000 for urban area account holder, Rs 5,000 for semi-urban and Rs 2,500 for rural area.

The rule of minimum balance is not applicable in some special bank accounts. Such bank accounts include accounts linked to the Pradhan Mantri Jan Dhan Yojana, basic savings bank deposit accounts, savings accounts of pensioners, salary accounts and savings accounts of minors.

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It depends on the location of the customers that how much money they have to keep in the account as a minimum. Location means here urban, metro, semi-urban and rural area. If you do not pay attention to the AMB and it will decrease then you may have to pay a fee to the bank. Some banks offer zero-balance savings account facility to the customers.

Let us tell you about the average monthly average of some major banks in the country. First of all, let’s talk about India’s largest public sector bank State Bank of India i.e. SBI. SBI has removed the condition of AMB on its basic savings accounts in March 2020. SBI account holders were earlier required to keep Rs 3000, Rs 2000 and Rs 1000 in their accounts, depending on the location of their branch in metro, semi-urban and rural areas. If you failed to maintain the AMB, the bank used to levy a penalty on you.

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