Image showing Rs 500 notes
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ICICI Bank
Credit: Reuters
ICICI Bank, after public backlash, updated its policy on August 13 for accounts opened post-August 1, cutting the metro and urban minimum balance from Rs 50,000 to Rs 15,000, as per its website.
Axis Bank
Credit: Reuters
A minimum balance of Rs 12,000 is mandatory for savings accounts at Axis Bank.
Kotak Bank
Credit: Reuters
Kotak Bank requires customers to maintain a minimum savings account balance of Rs 10,000.
HDFC Bank
Credit: Reuters
HDFC Bank requires urban savings account holders to maintain Rs 10,000 or have a fixed deposit of Rs 1 lakh for over a year, according to its website.
IDFC First
Credit: Special Arrangement
IDFC Bank also requires urban savings account holders to maintain a minimum balance of RS 10,000.
Bandhan Bank
Credit: Reuters
Bandhan Bank requires customers to maintain a minimum savings account balance of Rs 12,000.
Bank of Baroda
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Customers must maintain Rs 12,000 in their Bank of Baroda savings accounts.
Punjab National Bank
Credit: Reuters
Punjab National Bank requires its account holders to maintain a minimum balance of Rs 2000 for savings accounts.
Union Bank
Credit: Union Bank
As one of India’s major public sector banks, Union Bank of India offers Rs 1000 as a minimum balance for its customers.
Canara Bank
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Canara Bank mandates a minimum balance of ₹2,000 for its savings account holders.
Indian Bank
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State Bank of India
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SBI savings and Savings Plus accounts have no minimum balance requirement, monthly or quarterly. According to the bank’s website, these zero-balance accounts do not attract any penalties.
Bank of India
Credit: BOI
Bank of India offers zero-balance savings accounts to its account holders.