In today’s financial landscape, maintaining a minimum balance in your savings account is crucial to avoid penalties and unnecessary charges.
Many individuals are unaware of the specific requirements set by various banks, leading to unexpected deductions from their accounts.
Let’s delve into the minimum balance limits imposed by some of the prominent banks across the country.
State Bank of India (SBI):
For SBI savings account holders residing in metro cities, a minimum balance of Rs 3,000 is mandatory.
In smaller towns, the minimum balance requirement reduces to Rs 2,000, while village bank accounts necessitate a minimum of Rs 1,000.
Punjab National Bank (PNB):
Urban and metro customers of Punjab National Bank’s Wing account must maintain a minimum balance of Rs 2,000, whereas rural account holders are required to keep a balance of Rs 1,000.
HDFC Bank:
Urban and metro HDFC Bank savings account holders are mandated to maintain a minimum balance of Rs 10,000.
In smaller towns, this requirement decreases to Rs 5,000, and further to Rs 2,500 for specific account types.
IndusInd Bank:
In major cities, IndusInd Bank sets a minimum balance limit of Rs 10,000, while in smaller urban areas, the requirement is Rs 5,000.
Yes Bank:
To avoid penalties, customers holding a Yes Bank Savings Advantage account must maintain a minimum balance of Rs 10,000. Failure to do so results in a non-maintenance charge of Rs 500 per month.
ICICI Bank:
ICICI Bank account holders in metropolitan areas are obligated to maintain a minimum balance of Rs 10,000.
In smaller cities, the requirement varies between Rs 5,000 and Rs 2,000, depending on the type of account.
Understanding these minimum balance requirements is essential for individuals to manage their finances effectively and avoid unnecessary charges imposed by banks.
Make sure to check the specific requirements of your bank to ensure compliance and financial stability.
