What are various minimum balance amounts required by SBI, ICICI, HDFC and other Indian banks? - letsdiskuss
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Rishi Roy

Cricketer , Dronacharya Cricket Academy | Posted on | Share-Market-Finance


What are various minimum balance amounts required by SBI, ICICI, HDFC and other Indian banks?


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Entrepreneur | Posted on


Here’s a quick fact to begin this answer with: during April-November (2017), State Bank of India collected Rs 1,772 crore in minimum balance penalties. And the recent report suggests that Indian banks have collected Rs 5,000 crore, in total, in 2017-18 as minimum balance penalties.


Perhaps it is the chase of this kind of unsavory return has all the banks set their minimum balance amount (an amount that customers are to hold in their saving account every month) so confusing. Nobody really exactly knows how much they are to keep in their bank account so as to avoid any penalty. So, the majority of us usually play safe and go with the upper limit—we focus on having at least Rs 5,000 lie around at the bank. Talk about economic freedom!


And it’s not even that simple.


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Say, you have saved an exact INR 5,000 in your account, hoping for no penalty. But then, you’re charged either SMS, internet or ATM fee. Your stacked amount gets deducted and then get penalized—all without you even having any slight clue. Yes, we’re living at a time right now where we’ve been economically imprisoned. We can’t even use our money if it’s with the bank (courtesy of maximum withdrawal limits), our money is not safe (thanks to so many small fees). It’s insane, right!

Nonetheless, after doing some research, here’s what I have come up with about the minimum balance amounts that you are to hold in different banks’ saving accounts:


(* percent of the shortfall in the required Minimum Account Balance)

Note: these numbers usually change as per the convenience of banks. Also, a lot depends on the kind of Savings Account you have. So, don’t take them at face value. It’s best that you approach your bank from the front and ask them directly about the minimum balance amount.


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