Minimum Balance Rules: Penalty Charges Levied By SBI, HDFC Bank For Non-Compliance

Regular savings bank accounts require customers to maintain a certain average monthly balance (AMB). Leading banks such as State Bank of India (SBI) and HDFC 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. Banks charge a penalty from customers who fail to maintain an average monthly balance in their savings account. The penalty varies according to various factors such as the location of branch..Here are the AMB requirements and penalty charges levied for non-maintenance of balance by SBI and HDFC Bank: .State Bank of India (SBI).Customers having a regular savings bank account in SBI branches located in metro and urban areas are required to maintain a monthly average balance of Rs. 3,000, according to the bank's website - sbi.co.in. Customers with SBI savings accounts in semi-urban and rural branches are required to maintain a minimum average balance of Rs. 2,000 and Rs. 1,000, respectively. Customers failing to meet these requirements have to bear the following penalty charges:.table { border-top: solid 1px #ccc; border-left: solid 1px #ccc; border-right: solid 1px #ccc; font-size: 16px; } table th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; line-height: 18px; } table td:last-child, table th:last-child { border-right: none; } /*Media Query start*/ @media only screen and (max-width: 760px), (min-device-width: 768px) and (max-device-width: 1024px) { /* Force table to not be like tables anymore */ table, thead, tbody, th, td, tr { font-size: 14px; } } /* Smartphones (portrait and landscape) ----------- */ @media only screen and (min-device-width : 320px) and (max-device-width : 480px) { body { padding: 0; margin: 0; } table, thead, tbody, th, td, tr { font-size: 14px; } table th { padding: 4px; } table td { padding: 4px; } table th:nth-child(1), table td:nth-child(1), } } /* iPads (portrait and landscape) ----------- */ @media only screen and (min-device-width: 768px) and (max-device-width: 1024px) { body { width: 495px; } } /*Media Query END*/ . Metro and urban branch (required AMB Rs 3,000) Charges Shortfall 50-75% Rs. 12 + GST Shortfall > 75% Rs. 15 + GST Semi-urban branch (required AMB Rs 2,000) Shortfall 50-75% Rs 10 + GST Shortfall > 75% Rs.12 + GST Rural (required AMB Rs 1,000) Shortfall 50-75% Rs. 7.50 + GST Shortfall > 75% Rs 10 + GST .(As mentioned on SBI's official website).HDFC Bank.Customers having a regular savings account in HDFC Bank branches located in metro and urban areas are required to maintain an average monthly balance of Rs. 10,000, according to the bank's website - hdfcbank.com. In semi-urban branches, the regular savings account holders are required to maintain an average balance of Rs. 5,000 every month. In rural branches, the customers are required to either maintain an average quarterly balance of Rs. 2,500 or set up a fixed deposit of Rs. 10,000 for a maturity period of a minimum one year and one day. Customers failing to meet these requirements have to bear the following penalty charges:. Description of Charges Regular Savings Account Minimum Average Balance Requirements Metro and urban branches: AMB Rs 10,000 Semi-urban branches: AMB Rs 5,000 Rural branches: AQB Rs 2,500 or fixed deposit of Rs 10,000 for minimum a period of 1 year 1 day Charges applicable on non-maintenance Balance non-maintenance charges AMB Slabs Metro & Urban Semi Urban (in Rs.) AMB Requirement -Rs 10,000 AMB Requirement -Rs. 5,000 >=7,500 to =5,000 to =2,500 to = 1000 < 2,500 Rs. 270 0 - <1000 Rs. 450 plus taxes as applicable AQB – average quarterly balance .table.shdl_table { border-top: solid 1px #ccc; border-left: solid 1px #ccc; xborder-right: solid 1px #ccc; font-size: 16px; } table.shdl_table th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table.shdl_table td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; line-height: 18px; } /*Media Query start*/ @media only screen and (max-width: 760px), (min-device-width: 768px) and (max-device-width: 1024px) { /* Force table to not be like tables anymore */ table.shdl_table, table.shdl_table thead, table.shdl_table tbody, table.shdl_table th, table.shdl_table td, table.shdl_table tr { font-size: 14px; } } /* Smartphones (portrait and landscape) ----------- */ @media only screen and (min-device-width : 320px) and (max-device-width : 480px) { table.shdl_table, table.shdl_table thead, table.shdl_table tbody, table.shdl_table th, table.shdl_table td, table.shdl_table tr { font-size: 14px; } table.shdl_table th { padding: 4px; } table.shdl_table td { padding: 4px; } table.shdl_table th:nth-child(1), table.shdl_table td:nth-child(1), table.shdl_table th:nth-child(6), table.shdl_table td:nth-child(6) { displayx: none; } } /*Media Query END*/ . (As mentioned on HDFC Bank's official website) Banks also provide savings accounts which do not require customers to maintain any particular minimum balance.

Minimum Balance Rules: Penalty Charges Levied By SBI, HDFC Bank For Non-Compliance

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