Reena approached HDFC Bank and her money was partially refunded and she was informed through a mail that if she continues to maintain the minimum balance, the remaining charges deducted will also be refunded. “It should be ensured that the balance in the savings account does not turn into negative balance solely on account of levy of charges for non-maintenance of minimum balance," said the RBI notification. Branch typeīanks also offer savings accounts which do not require customers to maintain any particular minimum balance.The balance in a savings bank account can’t be negative because of the non-maintenance of minimum balance charges, as per the Reserve Bank of India’s notification issued in November 2014. The average monthly balance required in semi-urban, rural and gramin locations is Rs. 10,000, according to the bank's website,.
Branch typeĬustomers having a regular savings account in ICICI Bank branches located in metro and urban areas need to maintain an average monthly balance of Rs. 10,000 for a maturity period of a minimum one year and one day. In rural branches, the customers are required to either maintain an average quarterly balance of Rs. In semi-urban branches, the regular savings account holders are required to maintain an average balance of Rs. 10,000, according to the bank's website.
Branch TypeĬustomers having a regular savings account in HDFC Bank branches located in metro and urban areas are required to maintain an average monthly balance of Rs. Customers with savings accounts in rural branches are required to maintain a minimum balance Rs. 2,000, according to its website, pnbindia.in. Branch typeĬustomers having a regular savings bank account in Punjab National Bank (PNB) branches located in metro, urban, semi-urban areas are required to maintain a minimum quarterly average balance of Rs. Customers with SBI accounts in semi-urban and rural branches are required to maintain a minimum average balance of Rs.
3,000, according to the bank's website, sbi.co.in. Here's a comparison of the average monthly balance requirement in SBI, PNB, HDFC Bank and ICICI Bank: State Bank of IndiaĬustomers having a regular savings bank account in SBI branches located in metro and urban areas are required to maintain a monthly average balance of Rs.
Banks also charge a penalty from the customers failing to maintain the required average monthly balance in their savings bank accounts. The average monthly balance requirements depend on the location of a customer's account in urban, metro, semi-urban and rural areas. From public sector lenders like State Bank of India (SBI) and Punjab National Bank (PNB) to their private sector peers HDFC Bank and ICICI Bank, most banks have fixed their own average monthly balance requirements. Banks today require their savings account customers to maintain a certain average monthly balance (AMB).
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