ICICI vs SBI Vs HDFC Vs BOB Vs Other Major Banks: Which Bank Requires Lowest Minimum Balance? Compare Here!

ICICI Bank has announced a major overhaul in its savings account policy effective from August 1, 2025. Going forward, customers opening accounts will need to maintain a significantly higher minimum average monthly balance (MAMB) Rs 50,000.

ICICI vs SBI VS HDFC Bank Vs BOB Vs Other Major Banks: Which Requires Lowest Minimum Balance?

ICICI's new policy contrasts starkly with those of other leading public and private banks. Notably, the State Bank of India (SBI) eliminated its minimum balance requirement entirely for savings accounts-both rural and urban as far back as 2020. Similarly, Punjab National Bank (PNB) and Canara Bank have removed penalties associated with failing to maintain the minimum account balance, making basic banking more accessible to all.

Below is a comparison of various banks to identify which savings accounts require the lowest minimum balance:

State Bank of India (SBI) Minimum Balance

India's largest public sector bank, SBI, continues to lead with its inclusive approach by maintaining zero minimum balance requirements for savings account holders across both rural and urban branches. This move, introduced in 2020, has made banking more accessible to millions, especially in underbanked regions.

Union Bank of India Minimum Balance in Urban and Metro Branches

Union Bank of India adopts a tiered approach for its savings account holders. In rural branches, the minimum balance is set at Rs 250 for accounts with cheque books and Rs 100 for those without. In urban and metro branches, the requirement increases to Rs 1,000 with a cheque book and Rs 500 without one, providing flexibility while still maintaining basic account activity.

HDFC Bank: How Much Minimum Balance Requires in HDFC Bank Account?

Known for its extensive digital banking services, HDFC Bank requires customers in rural branches to maintain a minimum average balance of Rs 2,500. For account holders in urban and metro areas, the minimum balance climbs significantly to Rs 10,000, reflecting the bank's premium positioning in metropolitan markets.

Axis Bank Minimum Balance Requirement in Metro and Urban Locations

Axis Bank maintains a moderate threshold for its account holders, requiring Rs 2,500 in rural branches. However, those banking in metro and urban locations must maintain a higher minimum balance of Rs 12,000. This structure aligns with the bank's focus on urban-centric digital and lifestyle banking services.

Bank of Baroda Minimum Balance

As one of India's oldest public sector banks, Bank of Baroda offers a relatively low minimum balance requirement, making it a suitable option for cost-conscious savers. Customers in rural areas need to maintain only Rs 500, while those in urban branches are required to maintain Rs 2,000.

IDFC First Bank: How Much Minimum Balance Do You Need To Hold in IDFC Bank?

IDFC First Bank adopts a unique model with two tiers of minimum balance depending on the type of account. Customers may be required to maintain either Rs 10,000 or Rs 25,000, offering account holders a choice based on their banking needs. The bank's flexible structure caters to both regular savers and premium clients.

ICICI Bank Minimum Balance Requirement Increased To Rs 50,000

ICICI Bank, a major private sector lender, recently made headlines by announcing a sharp increase in its minimum balance requirements. Effective August 1, 2025, customers must now maintain Rs 10,000 in rural branches and a steep Rs 50,000 in urban and metro branches. This policy shift has raised concerns over financial inclusivity and may impact customers from lower-income segments.