INSUBCONTINENT EXCLUSIVE:
The penalty varies according to various factors such as the location of branch.Regular savings bank accounts require customers to maintain a
certain average monthly balance (AMB)
Leading banks such as State Bank of India (SBI), Canara Bank, 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
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, Canara Bank, HDFC Bank and ICICI 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
Customers failing to meet these requirements have to bear the following penalty charges:Metro and urban branch (required AMB Rs
3,000)ChargesShortfall 50-75%Rs
12 + GSTShortfall > 75%Rs
15 + GSTSemi-urban branch (required AMB Rs 2,000)Shortfall 50-75%Rs 10 + GSTShortfall > 75%Rs.12 + GSTRural (required AMB Rs
7.50 + GSTShortfall > 75%Rs 10 + GST(As mentioned on SBI's official website)Canara BankCustomers with a regular savings account in Canara
Bank branches located in metro, urban and semi-urban areas need to maintain a monthly average balance of Rs
Customers with accounts in rural branches are required to maintain an MAB of Rs
500, according to the bank's website - canarabank.in
Customers failing to meet the MAB requirements have to bear the following penalty charges:Non maintenance of Minimum balance
chargesModification in charges (Based on Minimum Average Monthly Balance-AMB)Metro / urban / semi-urban branchesRural branchesAMB maintained
in the account against the stipulated Rs
1,000Charges per month for violation of AMBAMB maintained in the account against the stipulated Rs
500/-Charges per month for violation of AMBRs
400Rs 35 + applicable taxRs
35 + applicable taxRs 399 and belowRs 45 + applicable taxRs
45 + applicable tax(As mentioned on Canara Bank's official website)HDFC BankCustomers 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
In rural branches, the customers are required to either maintain an average quarterly balance (AQB) of Rs
Customers failing to meet these requirements have to bear the following penalty charges:Description of ChargesRegular Savings AccountMinimum
Average Balance RequirementsMetro and urban branches: AMB Rs 10,000Semi-urban branches: AMB Rs 5,000Rural branches: AQB Rs 2,500 or fixed
UrbanSemi Urban(in Rs.)AMB Requirement -Rs 10,000AMB Requirement -Rs
5,000gt;=7,500 to < 10,000Rs 150NAgt;=5,000 to < 7,500Rs 300NAgt;=2,500 to < 5,000Rs
branchesgt;= 1000 < 2,500Rs
