INSUBCONTINENT EXCLUSIVE:
Regular savings bank accounts require customers to maintain a certain average monthly balanceRegular savings bank accounts require customers
to maintain a certain average monthly balance (AMB)
Leading lenders such as State Bank of India (SBI), 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 also charge a penalty from customers who fail to maintain an average monthly balance in their savings account
The penalty varies on factors such as the location of branch.Here are the AMB requirements and penalty charges levied for non-maintenance of
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)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
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 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
5,000>=7,500 to < 10,000Rs 150NA>=5,000 to < 7,500Rs 300NA>=2,500 to < 5,000Rs
