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Check minimum average balance requirements for across various banks including SBI, ICICI Bank, HDFC Bank, and so on.
ICICI Bank announces to hike minimum balance for savings account to Rs 50K.
Minimum Balance Rules Comparison: The Private Lender ICICI Bank has recently announced that the minimum balance requirement for savings accounts opened on or after August 01, 2025 will be increased to Rs 50,000 from the earlier Rs 10,000. The move has been met with some criticism from various echelons of society, as it will hamper people with low income from getting access to financial and banking services.
In metro and urban branches, the minimum average monthly balance (MAMB) will be Rs 50,000, up from the earlier Rs 10,000. In semi-urban branches, it will rise to Rs 25,000 from Rs 5,000, while in rural branches, the requirement will double to Rs 10,000 from Rs 5,000. The higher MAMB will apply only to new accounts opened after August 1.
Customers who fail to meet the requirement will face a penalty of 6% of the shortfall or Rs 500, whichever is lower.
The State Bank of India (SBI) and a few other banks are softening their stance for minimum average balance requirements for both rural and urban metros.
Earlier, Punjab National Bank (PNB) and Canara Bank had announced the removal of penalty charges for not maintaining the minimum average balance (MAB) in all savings accounts.
Canara Bank brought significant relief to its savings account holders by eliminating the average monthly balance (AMB) requirement for all types of savings bank accounts.
| Here’s the minimum balance requirement for Rural and Urban/Metro branches: | ||
| Bank | Rural Branches | Urban/Metro Branches |
| State Bank of India | Zero balance | Zero balance |
| Union Bank of India | With cheque book: Rs. 250 | With cheque book: Rs. 1,000 |
| Without: Rs. 100 | Without: Rs. 500 | |
| HDFC Bank | Rs. 2,500 | Rs. 10,000 |
| ICICI Bank | Rs. 1,000 (gramin) / Rs. 2,000 (rural) | Rs. 50,000 |
| Axis Bank | Rs. 2,500 | Rs. 12,000 |
| Bank of Baroda | Rs. 500 | Rs. 2,000 |
| IDFC First Bank | Rs. 10,000 or Rs. 25,000 | Rs. 10,000 or Rs. 25,000 |
| Bank of India | Rs. 500 (Ordinary) | Rs. 10,000 |
| Rs. 5,000 (Mahila SB) | ||
| Rs. 10,000 (Senior Citizen SB) | ||
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
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