INSUBCONTINENT EXCLUSIVE:
Banks also provide savings accounts which do not require any particular minimum balance every month.Regular savings bank accounts require
customers to maintain a certain minimum average balance (MAB) every month
Leading banks 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
Customers who fail to maintain the monthly average balance in their savings account, have to pay a penalty to the bank, which varies
according to factors such as branch location.Here's a comparison of the minimum average balance in SBI, HDFC Bank and ICICI Bank:State Bank
of India (SBI)Customers having a regular savings bank accounts in SBI branches located in metro and urban areas are required to maintain a
monthly average balance of Rs
3,000, said the country's largest lender on its 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
1,000, respectively.Branch typeAverage monthly balanceMetroRs
1,000(Source: sbi.co.in)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 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
2,500 or set up a fixed deposit of Rs
10,000 for a maturity period of a minimum one year and one day.Branch typeAverage monthly balanceMetroRs
need to maintain an average monthly balance of Rs
10,000, according to the bank's website - icicibank.com
The average monthly balance required in semi-urban, rural and gramin locations is Rs
2,000GraminRs.1,000However, banks also provide several savings accounts which do not require the customer to maintain any particular minimum
