INSUBCONTINENT EXCLUSIVE:
SBI, ICICI Bank and HDFC Bank has set different minimum balance requirements of their customers
Banking majors SBI (State Bank of India), ICICI Bank and HDFC Bank charge their
customers a penalty fee for non-maintenance of the minimum stipulated balance in their savings bank accounts
This penalty fee, for failing to comply with the banks' separate monthly average balance or MAB requirements, ranges from Rs 5 to Rs 600
(excluding taxes and other charges)
SBI, for example, has set a monthly average balance requirement of Rs 3,000 for customers holding a savings bank account with its metro
Similarly, the other two major banks have also set different minimum balance average limits, failing to meet which attracts a penalty charge
Here's a lowdown of different minimum balance requirements set by these banks and the penalty charges applicable.Minimum balance required:
10,000 (minimum 1 year 1 day)(Source: SBI, ICICI Bank, HDFC Bank websites)SBI requires its customers holding savings bank accounts in metro
and urban branches to maintain a monthly average balance of Rs 3,000, according to the bank's website - sbi.co.in
For accounts in semi-urban branches and rural branches, this requirement has been set at Rs 2,000 and Rs 1,000 respectively.ICICI BankICICI
Bank has set the minimum monthly average balance at Rs 10,000 for its branches in metro and urban locations, according to the bank's website
For semi-urban branches, the stipulated monthly average balance amount has been set at Rs 5,000
For rural and 'gramin' branches, the bank has set minimum monthly average balances of Rs 2,000 and Rs 1,000 respectively, according to the
bank.HDFC BankHDFC Bank requires customers holding savings bank accounts with it in metro and urban branches to maintain a minimum monthly
average balance of Rs 10,000 in a month
For semi-urban branches, the bank has set a monthly average balance requirement at Rs 5,000, according to the bank's website - hdfcbank.com
The bank requires its customers holding accounts in rural branches to either maintain an average quarterly balance of Rs 25,000 or keep a
fixed deposit (FD) of Rs 10,000 for a minimum tenure of one year and one day, according to the bank.SBIFor non-compliance with MAB
requirement by a customer holding a savings bank account in metro or urban branch, SBI charges a penalty amount ranging from Rs 10 plus GST
to Rs 15 plus GST, according to its website
The amount of penalty depends on the degree of shortfall from the required amount
For example, in case of a shortfall of less than 50 per cent from the required MAB, SBI charges a penalty charge of Rs 10 plus GST,
according to its website.For customers in semi-urban branches, SBI charges a penalty amount ranging from Rs 7.5 plus GST to Rs 12 plus GST
For savings bank accounts in rural branches, the penalty ranges from Rs 5 plus GST to Rs 10 plus GST.ICICI BankICICI Bank charges a penalty
amount of Rs 100 plus 5 per cent of the shortfall from the required monthly average balance from customers failing to maintain the monthly
average balance in savings bank accounts in metro, urban, semi urban and rural branches.For shortfall in savings bank accounts in 'gramin'
branches, the bank charges 5 per cent of the amount of shortfall as penalty, according to its website.HDFC BankHDFC Bank charges a penalty
amount of Rs 150 plus taxes from savings bank account holders in metro and urban branches maintaining a monthly average balance of Rs 7,500
up to Rs 10,000, according to the bank's website
For the monthly average balance of Rs 5,000 up to Rs 7,500, the penalty amount has been set at Rs 300 plus taxes
For savings bank accounts in semi-urban branches, the bank charges a penalty amount of Rs 150 plus taxes and Rs 300 plus taxes, depending on
the shortfall.For rural branches, the penalty amount has been set at Rs 270 plus taxes for balances of Rs 1,000 up to Rs 2,500, and Rs 450
for balances below Rs 1,000, according to the bank's website.
