SBI vs HDFC vs ICICI vs PNB vs BoB: Savings Accounts Minimum Balance and Penalty Charges Compared

Each bank has its own Average Monthly Balance (AMB), and in order to avoid fees, consumers must keep the required minimum balance in their savings accounts. Continue through this gallery to find out the minimum balance to be maintained for SBI, HDFC, ICICI, PNB, and BoB's savings accounts and their penalty charge.

In March 2020, the basic savings accounts offered by SBI no longer have an AMB requirement. Before the change, SBI account users were required to maintain a monthly balance of Rs 3,000, Rs 2,000, or Rs 1,000 in their accounts, depending on whether they lived in a metropolis, a semi-urban area, or a rural area. If clients couldn't meet the AMB requirements, a penalty of between Rs 5 and Rs 15 was levied each month. Customers are entitled to an unlimited number of free ATM withdrawals each month as long as they keep an average monthly balance of one lakh rupees.

Customers with HDFC bank savings accounts are expected to keep an average monthly balance of Rs 10,000 in metropolitan and major cities. In semi-urban areas, the bare minimum monthly ceiling is Rs 5,000. Customers in rural areas who have savings accounts with the bank must maintain an average balance of Rs 2,500 on a quarterly basis. The bank levies penalties when AMB is not kept up.

Regular savings account holders with ICICI Bank are required to maintain a monthly minimum amount of Rs 10,000 in metro or urban areas, Rs 5,000 in semi-urban areas, and Rs 2,000 in rural areas. Failure to maintain the average balance results in a fee from the bank of 6 percent of the shortfall or Rs 500, whichever is lower. Savings accounts at all branches throughout the world will be subject to the fine.

Customers with savings accounts at urban and suburban Punjab National Bank branches are expected to maintain a balance of Rs 20,000 on a quarterly basis. In semi-urban and rural locations, the minimum quarterly average balance is 1,000 and 500 rupees, respectively.

Bank of Baroda savings accounts holders must keep an AMB of Rs 2,000. In case of failure to maintain an average monthly balance, the bank imposes fines.