HDFC Bank Clarifies Stance On Minimum Balance Requirement: 'No Change In AMB For Any Account'

After ICICI Bank hiked their minimum balance, and then withdrew mid backlash, reports of HDFC Bank also raising their minimum balance to Rs 25,000 floated on Wednesday. However, HDFC Bank has clarified that there will be no change in their Average Monthly Balance requirement.

"We would like to place on record that HDFC Bank offers multiple variants of Savings Accounts in line with the customers’ profile. Each variant has different requirements of Average Monthly Balance based on the value-added services offered. There has been no change in the Average Monthly Balance requirement for any account type." the bank said in a statement.

According to the bank, the AMB for the regular savings account continues to be Rs 10,000. The AMB for the Savings max account remains at Rs 25,000.

Further, HDFC Bank also added that all variants are available across rural, semi-urban, urban and metro branches depending on customer profile. Given customer usage in metro areas, the bank is set to prioritise its Savings Max Account offering to customers opening new accounts in metro branches.