We all know the importance of having a savings account and achieving financial stability. The savings account is not only helpful for depositing our funds but also is like a safety net. We can easily access our funds while they are simultaneously growing. The added interest on our deposits can be very helpful in times of uncertainty. Although we try really hard to plan our finances, it is possible that we might fall short of funds and need some buffer cash. That is where the savings account comes in, empowering us to have savings for future retirement, education, vacation and much more.ย ย ย
However, it is important to note that you need to have a minimum amount of money in your bank account to avail the benefits of a savings account in the future. This amount ranges from Rs. 2000 to Rs. 10,000 and varies depending on certain factors. Therefore, we have covered the necessary information that you should know about the minimum balance in savings account requirements.
So, if you do not want to pay a penalty, make sure you have the minimum amount that is required to have your savings account going. Let us see the minimum amount required across various banks.
Table of contents
- What is the Limit of Minimum Balance in Savings Account?
- List of All Indian Banks for Minimum Balance in Savings Account
- Top 7 Minimum Balance Savings Accounts by Indian Banks
- Savings Accounts with Zero Balance Requirements
- Maintain Average Monthly Balance (AMB) to Avoid Penalty
- Frequently Asked Questions (FAQ’s):-
What is the Limit of Minimum Balance in Savings Account?
Although some banks have removed the minimum amount condition for a savings account, allowing the customers to have a zero balance account, you still have to maintain a minimum amount in certain banks. Let us see the scenario across different banks one by one.
Minimum Balance in Savings Account Requirement : SBI
SBI removed the AMB (Average Monthly Balance) requirement from its basic savings accounts. Before March 2020, its customers had to maintain an average balance of Rs. 1000, Rs. 2000 and Rs. 3000 in their accounts, depending on the branch area.
Minimum Balance in Savings Account Requirement : HDFC Bank
HDFC Bank account holders would be levied a service and transaction charge in the ongoing month based on the AMB held in the account in the previous month. For the urban and metro cities, the minimum balance is Rs. 10,000. However, for the semi-rural and rural branches, the minimum balance is Rs. 5000.
Minimum Balance in Savings Account Requirement : ICICI Bank
ICICI Bank account holders have to maintain a minimum amount of Rs. 10,000 for urban areas, Rs. 5,000 for semi-urban areas and Rs. 2,000 for rural areas.
Minimum Balance in Savings Account Requirement : Canara Bank
Canara Bank account holders have to maintain a minimum amount of Rs. 2,000 for urban branches, Rs. 1,000 for semi-urban branches and Rs. 500 for rural branches.
Minimum Balance in Savings Account Requirement : PNB Bank
PNB account holders have to maintain a minimum amount of Rs. 1,000 for rural branches, Rs. 2,000 for semi-urban branches, Rs. 5,000 for urban branches and Rs. 10,000 for metro branches. The penalty for failure to maintain this average balance is Rs. 400 for rural branches and Rs. 600 for urban and metro branches.
List of All Indian Banks for Minimum Balance in Savings Accountย
| List of Banks | Minimum Balance Required (Rs.) | Interest Rates (p.a.) |
| Allahabad Bank | 1,000 | 3.00% |
| Andhra Bank | 0/5/100/1,000 | 3.00% |
| Axis Bank | 0/10,000/25,000/1,00,000 | 3.50% – 4.85% |
| Bank of Baroda (BOB) | 0/5/1000 | 2.75% – 3.00% |
| Bank of India | 500/5,000/10,000/20,000/1,00,000 | 3.00% – 3.25% |
| Bandhan Bank | 0/2,000/5,000/25,000/1,00,000 | 4.00% – 7.15% |
| Bank of Maharashtra | 1,000 | 2.75% |
| Canara Bank | 500/1,000 | 3.00% |
| Central Bank of India | 50 | 2.75% – 3.00% |
| Corporation Bank | 0/250/500/2,500/15,000/1,00,000 | 3.00% |
| Dena Bank | 0 | 2.75% – 3.00% |
| Dhan Laxmi Bank | 0/5/1,000/5,000/10,000/25,000 | 3.50% |
| Digibank | 0 | 3.50% – 6.00% |
| Federal Bank | 0 | 2.25% – 3.65% |
| HDFC Bank | 2,500/5,000/10,000/25,000 | 3.00% – 3.50% |
| ICICI Bank | 0/1,000/2,000/2,500/5,000/10,000 | 3.00% – 3.50% |
| IDBI Bank | 500/2,500/5,000 | 3.30% – 3.80% |
| IDFC Bank | 25,000 | 6.00% – 7.00% |
| Indian Bank | 250/500/1,000 | 3.00% |
| Indian Overseas Bank | 500-1,000 | 3.25% – 3.50% |
| IndusInd Bank | 0/10,000/25,000/2,50,0000 | 4.00% – 6.00% |
| Jammu & Kashmir Bank | 0/500/1,000 | 3.00% |
| Karnataka Bank | 0/500/1,000/2,000 | 3.00% – 5.00% |
| Kotak Mahindra Bank | 0/2,000/3,000/5,000/10,000/20,000 | Upto 4.00% |
| Lakshmi Vilas Bank | 1,000/3,000/5,000 | 3.25% – 6.00% |
| Oriental Bank of Commerce (OBC) | 0/500/1,000 | 3.50% – 3.75% |
| Punjab National Bank (PNB) | 500/1,000/2,000/50,000 | 3.50% – 3.75% |
| Punjab and Sind Bank | 500/1,000 | 3.10% – 3.50% |
| South Indian Bank | 0/2,500/5,000 | 2.35% – 5.00% |
| State Bank of India (SBI) | 0/1,000/2,000/25,000 | 2.70% |
| Syndicate Bank | 0/100/500/1,000 | 3.00% |
| UCO Bank | 0/100/250/500/1,000/1,500 | 2.50% – 2.75% |
| Union Bank of India | 0/20/100/250/500/1,000 | 3.00% |
| United Bank of India | 0/50/100/500 | 3.50% – 3.75% |
| Vijaya Bank | 500/1,000/2,000 | 2.75% – 3.00% |
| YES Bank | 0 | Upto 6.00% |
Top 7 Minimum Balance Savings Accounts by Indian Banks
The following table provides a list of the top 7 minimum balance savings accounts:-
| Savings Account | Minimum Balance Requirement | Non-Maintenance Charge |
| SBI Savings Plus Account | For Metro and Urban Rs. 3,000 For Semi-urban Rs. 2,000 For Rural Rs. 1,000 | For Metro and Urban Up to Rs. 15 For Semi Urban Up to Rs. 12 For Rural Up to Rs. 10 |
| Kotak Mahindra Bank Edge Savings Account | Rs.. 10,000 | Up to Rs. 500 |
| IndusInd Bank Privilege Savings Account | Category A Branches Rs. 10,000 Category B Branches Rs. 10,000 Category C BranchesRs.. 5,000 | NMC will be 5% of the balance Shortfall (subject to minimum of Rs. 100 & maximum of Rs. 500 per month) |
| ICICI Bank Regular Savings Account | For Metro and Urban Rs. 10,000 For Semi-Urban Rs. 5,000 For Rural Rs. 2,000 For Gramin Rs. 1,000 | Metro/ Urban/ Semi-Urban/ Rural Rs. 100 + 5% of the shortfall in required MAB Gramin : 5% of the shortfall in required MAB |
| HDFC Bank Regular Savings Account | For Metro / Urban – Rs. 10,000 For Semi-Urban – Rs. 5,000 For Rural Rs. 2,500 or Fixed Deposit of Rs. 10,000 for minimum 1 year 1 day period | For Metro and Urban Up to Rs. 600 For Semi Urban Up to Rs. 300 For Rural Up to Rs. 450 |
| Punjab National Bank Savings Deposit (General) Account | For Metro / Urban / Semi Urban Rs. 2,000 For Rural Branches Rs. 1,000 | From Rs. 25 to Rs. 250 as per the location, category and deficit in QAB** as per brackets in Rs.100s |
| Yes Bank Savings Advantage Account | Rs. 10,000 | Up to Rs. 500 per month |
Savings Accounts with Zero Balance Requirements
Listed below are the banks that have no minimum balance requirements for a savings account:-
| IDFC FIRST Bank Pratham Savings Account |
| Equitas Selfe Savings Account |
| Axis Bank PRIME Savings Account |
| Indus Delite Savings Account (IndusInd Bank) |
| Kotak 811 Full KYC Account (Kotak Mahindra Bank) |
| Jupiter Savings Bank Account (Jupiter) |
| Basic Savings Bank Deposit Account (State Bank of India) |
Maintain Average Monthly Balance (AMB) to Avoid Penalty
Below are the % of fine levied by various banks as a penalty to account holders failing to maintain the required minimum amount in their savings account:-
State Bank of India (SBI)
Although since March 2020, SBI removed the minimum balance in savings account requirements, it previously used to levy a fine of Rs. 5 to 15 plus applicable taxes on defaulters.
ICICI Bank
The defaulters have to pay about 6% of the shortfall/ Rs. 500 (whichever is lower) if they fail to maintain the minimum balance in their savings account.
Kotak Mahindra Bank
The defaulters have to pay a fine of 6% of the shortfall if they fail to maintain the required minimum amount in their savings account.
Important Note: It is important to note that Punjab National Bank and HDFC Bank also levy a fine if the account holders fail to maintain the required minimum amount in their savings account.
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Frequently Asked Questions (FAQ’s):-
Q1. Which bank Has the lowest minimum balance?
Ans: SBI is considered the best option to open a savings account as it has the lowest minimum balance in savings account requirement.
Q2. Which bank has no maintaining balance?
Ans: HDFC, SBI and Axis Banks are some of the banks that have no maintaining balance requirement.
Q3. What is the limit of the savings account balance?
Ans: There is no such fixed limit to the amount that you can keep in your savings account. However, there are certain conditions required by certain banks. Therefore, it is advised to contact your bank regarding such queries.
