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Regular savings accounts offered by various banks in India require customers to maintain a certain amount of money as the minimum average balance every month. The minimum balance requirement depends on the location of the customer (metro, urban, semi urban and rural) and the diverse types of savings accounts offered by the banks. Customers who fail to fulfill the minimum balance requirement are required to pay a non-maintenance charge to their bank, which also varies depending on several factors, like branch location.
Comparison of Minimum Balance Required by Top Banks
Following is a quick comparison of MAB/AQB required by different banks like SBI, Kotak Mahindra Bank, IndusInd Bank and others for their customers to hold a savings account with them.
SBI Minimum Balance Requirements
State Bank of India customers who have their Savings Plus accounts with SBI bank branches in metro and urban locations need to maintain a monthly average balance of Rs 3000; customers having savings accounts in semi-urban areas need to maintain an average monthly balance or AMB of Rs. 2,000, and those having their Savings Plus Accounts with bank branches in rural locations need to maintain a AMB of Rs 1,000.
Kotak Mahindra Bank Minimum Balance Requirements
Kotak Mahindra Bank customers who have opened Edge Savings Account are required to have a minimum balance of Rs. 10,000 per month. Any customer who fails to maintain an Average Monthly Balance (AMB) of Rs.10,000 has to pay a non-maintenance charge up to Rs. 500 per month.
Kotak Mahindra Bank also offers another savings account by the name of Kotak 811, under which the customer is not required to maintain any minimum balance requirement. Kotak Mahindra 811 is a zero balance savings account which can be opened online by providing your Aadhaar card and PAN card details.
IndusInd Bank Minimum Balance Requirements
IndusInd Bank customers who have their Privilege Savings Accounts with Category A and Category B branches need to fulfill a minimum balance requirement of Rs. 10,000. Customers having their savings account in Category C branches are required to fulfill a minimum balance requirement of Rs. 5,000.
ICICI Bank Minimum Balance Requirements
Customers who have their Regular Savings Accounts with ICICI Bank branches in metro and urban locations are required to maintain an AMB of Rs 10,000. Customers having their savings account in semi-urban locations need to maintain Rs. 5,000 as minimum balance requirements while those in rural locations need to maintain Rs 2,000 as monthly average balance. ICICI Bank customers having Regular Savings Account in Gramin (rural) locations need to maintain an AMB of Rs. 1,000.
HDFC Bank Minimum Balance Requirements
HDFC Bank customers who have their Regular Savings Accounts in metro and urban areas are required to maintain an average monthly balance of Rs. 10,000. Customers having their bank branches in semi-urban and rural branches are required to maintain AMB of Rs. 5,000 and Rs 2,500 (or Fixed Deposit of Rs. 10,000 for minimum 1 year 1 day period) respectively.
PNB Minimum Balance Requirements
PNB General savings account customers in metro, urban and semi-urban locations need to maintain a monthly average balance of Rs 2,000. For those in rural locations, PNB has the average monthly balance requirement at Rs 1,000.
Yes Bank Minimum Balance Requirements
Yes Bank customers who have opened Savings Advantage Account are required to fulfill a minimum balance requirement of Rs. 10,000 per month. Any customer who fails to maintain an Average Monthly Balance (AMB) will be required to pay a non-maintenance charge up to Rs. 500 per month.
Top 7 Banks – Minimum Balance Requirement
| Savings Account | Minimum Balance Requirement | Non Maintenance Charge |
| SBI Savings Plus Account | Metro and Urban locations
Rs. 3,000 Semi-urban locations Rs. 2,000 Rural locations Rs. 1,000 |
Metro and Urban Locations
Up to Rs 15 Semi Urban Locations Up to Rs 12 Rural Locations Up to Rs 10 |
| Kotak Mahindra Bank Edge Savings Account | Rs. 10,000 | Up to Rs 500 |
| IndusInd Bank Privilege Savings Account | Category A Branches
Rs. 10,000 Category B Branches Rs. 10,000 Category C Branches Rs. 5,000 |
NMC will be 5% of the balance
Shortfall (subject to minimum of Rs 100 & maximum of Rs 500 per month) |
| ICICI Bank Regular Savings Account | Metro and Urban locations
Rs. 10,000 Semi-urban locations Rs. 5,000 Rural locations Rs. 2,000 Gramin locations Rs. 1,000 |
Metro/ Urban/ Semi-Urban/ Rural locations
Rs. 100 + 5% of the shortfall in required MAB Gramin locations: 5% of the shortfall in required MAB |
| HDFC Bank Regular Savings Account | Metro / Urban branches
Rs.10,000 Semi-Urban Branches Rs.5,000 Rural Branches Rs.2,500 or Fixed Deposit of Rs. 10,000 for minimum 1 year 1 day period |
Metro and Urban Locations
Up to Rs 600 Semi Urban Locations Up to Rs 300 Rural Locations Up to Rs 450 |
| Punjab National Bank Savings Deposit (General) Account | Metro / Urban / Semi Urban branches
Rs.2,000 Rural Branches Rs. 1,000 |
From Rs. 25 to Rs. 250 as per the location, category and deficit in QAB** as per brackets in Rs.100s |
| Yes Bank Savings Advantage Account | Rs 10,000 | Up to Rs 500 per month |
Note: Minimum Balance Requirement for all the accounts mentioned above is based on AMB (Average Monthly Balance) except PNB General Savings Account which is based on QAB (Quarterly Average Balance).
Savings Accounts with No Minimum Balance Requirements
Banks offer several savings accounts where the customer is not required to maintain any minimum balance. Following are some of the most common savings accounts that do not come with any minimum balance requirements:
- Pradhan Mantri Jan Dhan Yojana Accounts (PMJDY) / Basic Savings Bank Deposit Accounts (BSBDA)
- Salary Accounts
- Zero Balance Savings Account
Some banks offer zero balance savings accounts in India like digiBank by DBS, ASAP by Axis Bank etc. which can be opened online in a matter of few minutes.
