Minimum Balance Requirement For Savings Accounts: From Rs 0 To Rs 50,000- Check How Much You Need To Maintain In HDFC, SBI, ICICI And Other Banks

The bank, India’s second-largest private sector bank, has raised its minimum account balance requirement to Rs 50,000 per month for metro and urban branches, up from the previous Rs 10,000 per month minimum for metro and urban savings accounts. 

HDFC Bank, India’s largest private sector bank, requires customers in urban branches to maintain a minimum monthly balance of Rs 10,000 or hold a fixed deposit of Rs 1 lakh for at least one year and one day. For semi-urban branches, the requirement is an average monthly balance of Rs 5,000 or a fixed deposit of Rs 50,000 for the same duration. In rural branches, customers must maintain an average quarterly balance of Rs 2,500 or a fixed deposit of Rs 25,000 for the same period. 

According to Yes Bank’s official website, its basic savings deposit account does not require customers to maintain a minimum balance. However, for premium savings accounts, the average minimum balance requirement is Rs 10,000 per month for the Savings Account PRO and Rs 25,000 per month for the Savings Account PRO Plus. The bank also offers customers the option to maintain a fixed deposit worth five times the average minimum balance requirement as an alternative. 

Axis Bank requires customers to maintain an average monthly balance of Rs 10,000 across all locations, including semi-urban and rural branches, or hold a fixed deposit of at least Rs 50,000 for a minimum tenure of 12 months. For a Priority Savings Account, the minimum balance requirement is Rs 2,00,000 per month across metro, urban, semi-urban, and rural branches. If the required balance is not maintained, the bank charges 6% on the shortfall of the average balance, with the penalty capped at Rs 600.

India’s largest public sector bank, the State Bank of India (SBI), does not require its customers to maintain any minimum balance on a monthly or quarterly basis. As per the official website, both the Savings Bank Account and the Savings Plus Bank Account come with zero minimum balance requirements each month. 

Kotak Mahindra Bank, the third-largest private sector bank after ICICI Bank, requires customers to maintain a minimum balance ranging from Rs 10,000 to Rs 20,000, depending on the type of savings account. 

According to official data, Bank of Baroda customers must maintain a minimum Quarterly Average Balance (QAB) of Rs 2,000 for metro branches, Rs 1,000 for semi-urban branches, and Rs 500 for rural branches.  

PNB requires its customers to maintain a minimum monthly balance of Rs 10,000 in metro locations and Rs 5,000 in urban branches. For semi-urban branches, the minimum balance is Rs 2,000 per month, while rural branches require a minimum monthly balance of Rs 1,000, as stated on the official website. 

This bank requires its customers to maintain an average quarterly balance of Rs 1,000 for metro and urban branches, while the minimum for semi-urban branches is Rs 500. For rural branches, a savings bank account must maintain an average quarterly balance of Rs 250, according to the official website. 

According to the official website, IDBI Bank requires a minimum account balance of Rs 10,000 for savings accounts in metro and urban branches, Rs 5,000 for semi-urban branches, and Rs 2,500 for rural branch customers. Additionally, IDBI Bank’s Rural Financial Inclusion (FI) branches have a minimum monthly balance requirement of Rs 1,000, as per official data. (Image Credit: Social Media)