The minimum balance requirement in an Indian bank account varies depending on the bank and the type of account. It can range from as low as INR 0 to INR 10,000 or more.
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The minimum balance requirement in an Indian bank account varies depending on the bank and the type of account. It can range from as low as INR 0 to INR 10,000 or more. Different banks have different policies regarding the minimum balance that account holders must maintain.
For instance, State Bank of India (SBI), one of the largest public sector banks in India, has different types of savings accounts with varying minimum balance requirements. The basic savings account with SBI has no minimum balance requirement, whereas the savings account in metro cities may require a minimum balance of INR 3,000. On the other hand, private banks like HDFC Bank and ICICI Bank often have higher minimum balance requirements, ranging from INR 10,000 to INR 25,000.
According to banking regulations in India, banks are allowed to determine their minimum balance requirements, which can be influenced by factors such as location (metro cities usually have higher requirements), type of account (basic savings accounts usually have lower requirements), and relationship with the bank (some accounts offer lower minimum balance requirements for privileged customers).
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Interesting facts:
- Different banks in India have different minimum balance requirements, providing customers with a range of options based on their financial capability.
- Some banks offer zero balance accounts to encourage financial inclusion and facilitate banking access for all.
- Failure to maintain the minimum balance in the account may result in penalties or charges, which can vary based on the bank’s policies.
- Certain types of accounts, like current accounts for businesses, often have higher minimum balance requirements than regular savings accounts.
- Online banking and digital wallets have also emerged as alternatives that require lower or no minimum balance, offering convenience and ease of access to funds.
Table: Comparison of Minimum Balance Requirements in Major Indian Banks
| Bank | Type of Account | Minimum Balance Requirement |
|---|---|---|
| State Bank of India | Basic Savings Account | No minimum balance |
| Savings Account | INR 3,000 (in metro cities) | |
| HDFC Bank | Regular Savings Account | INR 10,000 |
| ICICI Bank | Regular Savings Account | INR 10,000 |
| Axis Bank | Basic Savings Account | No minimum balance |
| EasyAccess Savings Account | INR 10,000 | |
| Punjab National Bank | Savings Deposit General Account | No minimum balance |
| Saving Deposit Rural Account | INR 500 |
Please note that the above table is for illustrative purposes only and the minimum balance requirements may be subject to change. It is always advisable to check with the respective banks for the most accurate and up-to-date information.
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Savings Bank Account Minimum Balance: INR 1,000 with cheque facility, INR 500 without cheque facility. Maximum Amount: No Limit. Cheque Book, Demat Account, Locker and Credit Card Facility: Available.
Indian bank minimum balance is the amount of money that you need to keep in your bank account per month or per quarter. If you do not maintain this amount, you will be charged a penalty fee. The minimum balance amount varies based on the type of account. Some accounts are zero balance accounts, while some accounts have a minimum requirement of INR 1,000. A majority of banks in India keep a minimum balance limit of Rs. 5,000 – Rs. 10,000 per account.
In most of the Indian banks, if you have a bank account, you need to maintain a minimum balance amount per month or per quarter. If you fail to do so, you will be charged for not maintaining the minimum balance amount known as Quarterly Average Balance (QAB) or Monthly Average Balance (MAB).
Minimum account balance: The minimum account balance of Indian Bank savings accounts varies based on the type of account. Some accounts are zero balance accounts, while some accounts have a minimum requirement of INR 1,000.
A majority of banks in India keep a minimum balance limit of Rs. 5,000 – Rs. 10,000 per account to maintain.
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What if minimum balance is not maintained in Indian bank?
If the minimum balance is not maintained then, the account holder is penalised. A fee will be incurred for the non-maintenance. Usually, the charges vary from bank to bank, even branch to branch.
Which bank has lowest minimum balance in India?
Response: Latest Interest Rate for Zero Balance Savings Account
| Bank | Name of zero-balance savings account | Interest rate |
|---|---|---|
| Kotak Mahindra Bank | 811 | 3.50% |
| Standard Chartered Bank | Basic Banking Account | 2.75% |
| HDFC Bank | Basic Savings Bank Deposit Account | 3.00% |
| Axis Bank | Basic Savings Account | 4% |
What is minimum balance in Indian Overseas Bank?
Answer to this: MINIMUM BALANCE
It is Rs. 500 for non-cheque operated account and Rs. 1000 for cheque operated account in other branches. For pension accounts the minimum balance is Rs.
What is the average bank balance of an Indian?
Response will be: We did extensive research, and after asking Indians from all over the country, it was found that almost 60% of them have less than ₹5,000 in their savings account or emergency fund.
What is minimum balance required by top Indian banks in India?
The response is: Let’s find minimum balance required by top Indian banks in India. 1. Balance Required in SBI NRI Account Minimum Balance varies fromRs. 50,000 to Rs. 1 lakh, depending on areas where branches are located. 2. HDFC Bank Minimum Balance The Minimum Balance in ranges from Rs. 5,000 to Rs.10,000/-. 3. Axis Bank Minimum Balance in NRI Account Also Read:
What is the minimum balance requirement for IndusInd Bank?
As an answer to this: IndusInd Bank customers who have their Privilege Savings Accounts with Category A and Category B branches need to fulfill a minimum balance requirement of Rs. 10,000. Customers having their savings account in Category C branches are required to fulfill a minimum balance requirement of Rs. 5,000.
What are minimum balance rules?
Response will be: Minimum Balance Rules: Banks charge a penalty from the customers failing to maintain the required average monthly balance in their savings accounts. Banks also offer accounts which do not require customers to maintain any minimum balance. Banks today require their savings account customers to maintain a certain average monthly balance (AMB).
What is the monthly balance requirement for SBI bank account?
The reply will be: According to SBI’s website www.sbi.co.in , if you have a regular savings bank account in the urban or metro city branches, then you will be required to maintain Rs. 3000 as the average monthly balance. If you have an account in the rural or semi-urban branches, then the average monthly balance requirement is Rs. 1000 and Rs. 2000 respectively.
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