Letโs delve into a comparative analysis of the minimum balance requirements by major banks in the country, such as the State Bank of India (SBI), ICICI, and HDFC Bank.
While it was under fire after hiking the minimum balance for savings accounts to Rs 50,000 from a previous minimum balance threshold of Rs 10,000, ICICI Bank has revisited its decision by decreasing the amount to Rs 15,000. Letโs delve into a comparative analysis of the minimum balance required by important banks in the country, such as the State Bank of India (SBI), ICICI, and the HDFC Bank.ย
SBI Minimum Balance
The State Bank of India, which is Indiaโs largest public sector bank, does not require its customers to maintain a minimum balance. It implies that the minimum balance can be zero on a monthly or quarterly basis.ย
SBIโs official website mentions that its Savings Bank account and the Savings Plus Bank account are free from any minimum balance requirement. “SBI aims for inclusivity, in line with the governmentโs efforts to ensure financial inclusion for the masses in the country.”ย
HDFC Minimum Balance
HDFC is the largest private sector bank in the country. Its users are required to maintain a minimum balance of Rs 10,000 or a fixed deposit of Rs 1 lakh for at least a year and one day in the branches under urban setups.ย
When it comes to the semi-urban branches, the customer is required to maintain a minimum balance of Rs 5,000 per month or an FD of Rs 50,000 for one year and one day. As far as rural branches are concerned, the minimum balance required for HDFC customers is Rs 2,500 pr month or customers also have the option to maintain Rs 25,000 balance for one year and a day.ย
ICICI Minimum Balance
The ICICI Bank has revised its minimum balance requirement to Rs 15,000 from the previously decided Rs 50,000 amount. For semi-urban areas, the minimum balance to be maintained is Rs 7,500, which also got raised to Rs 25,000.