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.

The post HDFC Bank clarifies, No Change in Minimum Balance, Regular Account Remains at ₹ 10,000 first appeared on Rightsofemployees.com.

According to Mint, this offer is valid till December 31 for Swiggy HDFC Bank Credit Card, Tata Neu Plus HDFC Bank Credit Card and Tata Neu Infinity HDFC Bank Credit Card.

Earlier, customers had the opportunity to apply for Freedom Credit Card and BizFirst Credit Card without annual fees till October 31.

Annual fees of popular credit cards

The annual fee of Tata New Plus HDFC Bank Credit Card is Rs 499 while the annual fee of Tata New Infinity HDFC Bank Credit Card is Rs 1,499. The annual fee of Swiggy HDFC Bank Credit Card is Rs 500.

What are annual charges?

Let us tell you that in almost all the banks that provide credit card facility, you have to pay joining fee and annual charge. Annual fee is the most common charge in the card which is levied on your card every year. You have to pay joining fee only once, while you have to pay annual charge every year. Annual charges vary according to the banks. However, some banks do not charge this charge. At the same time, some banks put a condition in front of the customers that you will be given a discount on annual charge if you do shopping of so many rupees every year.

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