Minimum Balance Requirement: The Monthly Average You Need To Maintain In Your Account
Regular savings bank accounts, which do not permit the customer to keep a zero balance, require customers to maintain a certain minimum average balance (MAB) every month. Leading public sector banks State Bank of India (SBI) and Punjab National Bank (PNB), and private sector peers HDFC Bank and ICICI Bank have fixed their monthly average balance requirements according to the location of a customer's account in urban, metro, semi-urban and rural areas, among other factors. Customers who fail to maintain the monthly average balance in their savings accounts have to pay a penalty to their bank, which varies according to factors such as branch location.
Here's a comparison of minimum balance requirements stipulated by SBI, HDFC Bank and ICICI Bank for their customers holding savings accounts:
SBI monthly average balance requirements
SBI customers who have accounts in metro and urban centres have to maintain a monthly average balance of Rs 3,000; customers with accounts in semi-urban areas are required to maintain an average monthly balance or AMB of Rs. 2,000, and those in rural centres need to maintain a minimum balance of Rs 1,000, according to the bank's website - sbi.co.in.
HDFC Bank monthly average balance requirements
HDFC Bank's savings accounts customers who have accounts in metro and urban areas need to maintain a monthly average balance of Rs 10,000. HDFC Bank's customers in semi-urban and rural branches need to maintain Rs 5,000 as average monthly balance, according to the bank's website -Â hdfcbank.com.
ICICI Bank monthly average balance requirements
ICICI Bank's customers of savings bank accounts in metro and urban locations need to maintain an average monthly balance of Rs 10,000, according to icicibank.com. ICICI Bank customers of semi-urban branches need to maintain Rs 5,000 as average monthly balance while those in rural locations need to maintain Rs 1,000 as monthly average balance, according to the bank's website -Â icicibank.com.
Punjab National Bank average monthly balance requirements
PNB savings accounts customers in metro, urban and semi-urban centres need to maintain a monthly average balance of Rs 2,000. For those in rural locations, PNB has put the average monthly balance requirement at Rs 1,000, according to the bank's website -Â pnbindia.in.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
