Minimum Balance Requirements in Banks: ICICI, HDFC, SBI, Canara and others

ICICI Bank initially raised its minimum monthly balance to Rs 50,000 in metro/urban areas, sparking heavy criticism. The bank later reduced it to Rs 15,000. As ICICI Bank revises its minimum balance to Rs 15,000, here’s a look at the minimum balance criteria set by other major banks in India.

ICICI Bank

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

A minimum balance of Rs 12,000 is mandatory for savings accounts at Axis Bank.

Kotak Bank

Kotak Bank requires customers to maintain a minimum savings account balance of Rs 10,000.

HDFC Bank

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

IDFC Bank also requires urban savings account holders to maintain a minimum balance of RS 10,000.

Bandhan Bank

Bandhan Bank requires customers to maintain a minimum savings account balance of Rs 12,000.

Bank of Baroda

Customers must maintain Rs 12,000 in their Bank of Baroda savings accounts.

Punjab National Bank

Punjab National Bank requires its account holders to maintain a minimum balance of Rs 2000 for savings accounts.

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

Canara Bank mandates a minimum balance of ₹2,000 for its savings account holders.

Indian Bank

State Bank of India

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

Bank of India offers zero-balance savings accounts to its account holders.