Minimum Balance Rule: From ICICI, HDFC to SBI… how much minimum balance is required in which bank, know the complete details

Minimum Balance Rule: ICICI Bank has increased the minimum balance for new savings accounts to ₹50,000 in urban branches, while SBI, PNB and Canara Bank have abolished it. Other banks also impose balance rules at different levels. Know the full details.

Minimum Balance Rule: ICICI Bank has increased the minimum balance for new savings accounts to ₹ 50,000 in urban branches, while SBI, PNB and Canara Bank have abolished it. Other banks also apply balance rules at different levels. Know the full details.

• SBI completely removed the minimum balance requirement from both urban and rural savings accounts in 2020.
• ICICI Bank has set the minimum balance for new savings accounts in cities at ₹ 50,000, which could pose a challenge for income earners. This rule will come into effect from August 1, 2025.
• ICICI’s minimum monthly average balance in semi-urban branches has been increased to ₹ 25,000 and ₹ 10,000 in rural branches, up from ₹ 5,000 and ₹ 5,000 respectively earlier.
• If ICICI Bank customers do not maintain the prescribed minimum balance, they will have to pay a penalty of 6% on the short amount and a maximum of ₹500.
• SBI completely removed the minimum balance requirement from both urban and rural savings accounts in 2020, providing great relief to customers.
• Punjab National Bank and Canara Bank have also abolished the penalty for not maintaining the minimum balance, benefiting savings account holders.
• Union Bank of India demands a minimum balance of ₹250 in rural branches and ₹1,000 in urban branches, while these limits are lower without a checkbook.
• IDFC First Bank has a minimum balance of ₹10,000 to ₹25,000, depending on which category the account falls under.

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