INSUBCONTINENT EXCLUSIVE:
Customers who fail to maintain the monthly average balance have to pay a penalty to the bank.Regular savings bank accounts, which do not
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 requirementsSBI 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 requirementsHDFC 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
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
requirementsPNB 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
