Minimum balance to keep in banks...!? Full Details..!

Savings Account Minimum Balance Latest Update: customers of all banks, both private and public, are required to maintain a certain amount as the average monthly balance (AMB-Account Minimum Balance) in their regular savings bank accounts. However, AMB differs for each bank. AMB also depends on the location of the customer's savings account in urban, metro, semi-urban, and rural areas. bank customers should be aware that failure to meet AMB requirements will result in charges being levied by the bank.
State bank of india (SBI):
From 2020 onwards, sbi has waived the AMB requirement for its Basic Savings Accounts. Earlier, sbi account holders were required to maintain an average monthly balance of Rs 3000, Rs 2000, and Rs 1000 depending on their account location. customers who failed to maintain AMB were fined Rs 5 to 15 and applicable tax rates. Additionally, sbi offers benefits on ATM transactions to customers who have excess cash in their savings accounts. customers with a monthly average balance of 1 lakh are entitled to unlimited free ATM transactions in a month.

HDFC
Savings account holders with hdfc banks in urban and metro areas should maintain an average monthly balance of Rs 10,000. In semi-urban areas, they have to maintain a minimum of Rs 5,000 per month. However, in rural areas, the bank requires its savings account customers to maintain an average quarterly balance of Rs 2,500. And those who fail to maintain AMB, the bank imposes penalties and other charges on the customer.
ICICI Bank:

For icici bank Regular Savings Account, account holders have a minimum monthly average balance of Rs 10,000 for metro or urban areas and Rs. 5,000 for semi-urban areas, and Rs. 2,000 in rural areas should also be maintained. For those who fail to maintain an average balance, 6 percent of the bank deficit or Rs. 500, whichever is less, imposes a fine.

Punjab National Bank:

Savings account holders in metro and urban branches of punjab National bank with a quarterly balance of Rs. 20,000 to be maintained. Account holders in semi-urban and rural areas have a minimum quarterly average balance of Rs. 1000 and Rs. 500 should be.
Kotak mahindra Bank:

Kotak mahindra bank savings account holders are required to maintain an average monthly balance of Rs 10,000 in metro areas and Rs 5,000 in non-metro areas. However, the bank levies a shortfall of 6 percent on the required AMB per month for failure to maintain dues.

ATM withdrawal limit:

All major banks in the country allow only a limited number of free transactions at ATMs every month. Beyond free transactions involving financial and non-financial services, banks charge fees along with applicable taxes.

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minimum balance

Sowmiya Sriram

13/02/2023 10:09 PM