How Much Minimum Balance Do You Need? Check SBI, HDFC, ICICI & More

Minimum Balance: Major banks in India have minimum balance requirements. Private sector banks, in particular, have varying rules based on branch location (metro, urban, semi-urban, rural) and account type.

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What's the minimum balance?

Minimum Balance: The minimum balance rule is crucial in major Indian banks. It's the minimum amount customers must maintain monthly. If the average balance isn't met, banks directly penalize accounts. Currently, ICICI Bank has the highest minimum balance for savings accounts. Let's see the rules at other major banks.

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HDFC Bank

HDFC Bank's minimum balance rule varies by branch location. In urban/metro branches, customers need a ₹10,000 average balance or a ₹1,00,000 fixed deposit (FD). Semi-urban areas require a ₹5,000 average balance or a ₹50,000 FD. Rural areas need ₹2,500 or a ₹25,000 FD. Penalties apply for non-compliance.

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State Bank of India (SBI)

SBI savings accounts have no minimum balance requirement. There are no penalties for not maintaining a minimum balance.

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ICICI

ICICI Bank's minimum balance depends on the branch location: Rs 15,000 in metro/urban, Rs 7,500 in semi-urban, and Rs 2,500 in rural areas. Non-maintenance incurs a penalty of 6% of the shortfall or Rs 500 (whichever is lower).

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Kotak Mahindra Bank

Kotak Mahindra Bank's minimum balance for savings accounts ranges from Rs 10,000 to Rs 20,000. A 6% penalty applies to any shortfall.

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Indian Bank

Indian Bank's minimum balance depends on the account type. Metro/urban branches require Rs 2,500 for accounts with cheque facility and Rs 1,000 without. Semi-urban/rural areas need Rs 1,000 with cheque facility and Rs 500 without.

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Bank of Baroda, Punjab National Bank

Bank of Baroda's minimum balance is location-based: Rs 2,000 (metro/urban), Rs 1,000 (semi-urban), and Rs 500 (rural). PNB requires Rs 10,000 (metro), Rs 5,000 (urban), Rs 2,000 (semi-urban), and Rs 1,000 (rural).

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Axis Bank

Axis Bank requires a Rs 10,000 average monthly balance across all branch locations. Alternatively, a Rs 50,000+ FD waives this requirement.

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Public Sector Banks

Public sector banks like SBI and Canara Bank have minimal or no minimum balance for regular savings accounts. Others like Bank of Baroda, PNB, Union Bank of India, and IDBI have requirements ranging from Rs 250 to Rs 2,000, depending on the account and branch. Private banks have higher penalties for non-compliance.