SBI, PNB and HDFC banks decide their minimum balance limit:
Today every earning and non earning individual carries his/her personal bank account for the sake of their financial help. Banking services come with certain rules that needs to be followed. Minimum account balance is also one among these rules.
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Minimum Balance rule
Recently, RBI has made some changes in the Minimum Balance Charges rule. Customers now need to maintain their minimum balance amount as directed by banks. If the bank account holder isn’t able to maintain that criteria he will be forced to pay extra charges or penalty.
Minimum Balance amount of different banks
1. State Bank of India (SBI)
- Urban : ₹3000
- Smaller Cities : ₹2000
- Rural : ₹1000
2. ICICI Bank
- Urban : ₹10,000
- Semi- Urban : ₹2500
- Rural : ₹1000
3. HDFC Bank
- Urban: ₹10,000
- Semi- Urban: ₹5,000
- Rural: ₹ 2,500
4. Punjab National Bank (PNB)
- Urban: ₹2,000
- Rural : ₹1,000
5. Axis Bank
- Urban : ₹12,000
- Semi- Urban: ₹5,000
- Rural: ₹2,500
6. Bank Of Baroda
- Urban : ₹2,000
- Semi- Urban: ₹1,000
- Rural: ₹500
7. Bank Of India
Rural/Semi-Urban/Urban/Metro :
- ₹500 for savings bank ordinary a\c
- ₹5,000 for BOI Star Mahaila Saving a\c
- ₹10,000 for BOI Star Senior Citizen Saving a\c
8. Kotak Mahindra
Rural/Semi-Urban/Urban/Metro :
- ₹ 2,500 for Sankalp Savings a\c
- ₹ 5,000 for Nova Savings a\c
- ₹10,000 for Edge Savings a\c & Classic Savings a\c
- ₹20,000 for Everyday Savings a\c & Pro Savings a\c
- ₹50,000 for Ace Savings a\c
9. RBL Bank
Rural/Semi-Urban/Urban/Metro :
- ₹ 5,000 for Digital Savings a\c & Senior’s First Savings a\c
- ₹ 10,000 for Prime Edge Savings a/c & Woman’s First Savings a/c
- ₹ 25,000 for Advantage Savings a/c
- ₹ 50,000 for RBL Rise Savings a\c
Consequences one may face if unable to maintain a minimum balance amount!
- Penalty as charged by individual banks so it’s important to know your bank’s minimum balance amount.
- Know your minimum balance amount to avoid any unnecessary extra charges or penalty.
- If possible set automatic fund transfer so that minimum balance is maintained.
- Choose a Zero balance savings account option that doesn’t need a minimum balance.
Non -Maintenance Charges for Top Banks:
| Savings Account | Non-Maintain Charges |
| SBI Savings Plus Account | Rural areas: Up to Rs.10 Semi-urban areas: Up to Rs.12 Urban and metro areas: Up to Rs.15 |
| HDFC Bank Regular Savings Account | Rural areas: Up to Rs.450 Semi-urban areas: Up to Rs.300 Urban and metro areas: Up to Rs.600 |
| Inusland Bank Privilege Saving Account | 5% of the total shortfall (subject to a monthly maximum of Rs.500 and a minimum of Rs.100) |
| Kotak Mahindra Bank Edge Savings Account | up to 500 |
| Punjab National Bank Savings Deposit (General) Account | Depending on the location, category, and deficit in the quarterly average balance, the price ranges from Rs.25 to Rs.250 |
| ICICI Bank Regular Savings Account | Gramine areas: 5% of the required AMB shortfall Rural/Semi-urban/Urban/Metro areas: Rs.100 plus 5% of the required AMB shortfall |
| YES Bank Savings Advantage Account | Up to Rs.500 per month |