Savings Accounts Minimum Balance and Penalty Charges of SBI, HDFC, ICICI, PNB

A savings account with a bank offers the account holder a high level of liquidity, financial security, and a fixed rate of interest. All savings account customers are required to maintain a minimum average balance on their accounts. In addition, if the savings account and balance requirements are not met, a penalty will be imposed.

There are several types of savings accounts, each with a unique function that varies depending on the type of account. Most major public and private sector banks charge customers a fee for failing to maintain a monthly average balance in their savings accounts. Take a look to find out what the minimum balance for SBI, HDFC, ICICI and PNB savings accounts is, as well as the penalty charge.

State Bank of India

SBI's basic savings accounts do not have a minimum average monthly balance after March 2022. Previously, SBI account holders were required to maintain a monthly balance of Rs 3,000, Rs 2,000, or Rs 1,000. Clients who did not comply with the AMB requirements were fined between Rs 5 and Rs 15 per month.

ICICI Bank

The bank's regular savings accounts have a minimum average monthly amount of Rs 10,000 in metro areas, Rs 5,000 in semi-urban areas, and Rs 2,000 in rural areas. Failure to keep the average balance is subject to a fee of 6% of the shortfall or Rs 500, whichever is greater. Savings accounts at all branches worldwide will be fined.

HDFC Bank

In metropolitan and major cities, customers with HDFC bank savings accounts are expected to maintain an average monthly balance of Rs 10,000. The bare minimum monthly ceiling in semi-urban areas is Rs 5,000. Customers with savings accounts in rural areas must maintain an average balance of Rs 2,500 on a quarterly basis.

Punjab National Bank

Customers with savings accounts at Punjab National Bank branches in cities and suburbs are expected to maintain a quarterly balance of Rs 20,000. The minimum quarterly average balance in semi-urban and rural areas is 1,000 and 500 rupees, respectively.