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Check how much you need to maintain in HDFC, SBI, Axis Bank, among other private and public sector banks’ savings accounts
HDFC Bank Ltd: Headquartered in Mumbai, HDFC Bank is India’s largest private-sector bank by assets and market capitalisation. It offers a wide range of services, including retail banking, wholesale banking, and treasury operations. (File Photo)
HDFC Bank Denies Minimum Balance Hike: HDFC Bank has clarified that it has not increased the minimum balance requirements for its savings accounts, countering earlier reports suggesting that new account holders in metro or urban branches would need to maintain an average monthly balance (AMB) of Rs 25,000—more than double the earlier Rs 10,000.
The bank stressed that it offers multiple savings account variants tailored to different customer profiles, with each variant having its own AMB requirement based on the value-added services offered. “There has been no change in the Average Monthly Balance (AMB) requirement for any account type,” the bank stated, reaffirming that the AMB for the Regular Savings Account remains Rs 10,000, while the Savings Max Account continues to require Rs 25,000.
For metro branches, where usage is higher, the bank prioritises offering the Savings Max Account to new customers.
Regular Savings Account Rules
According to HDFC Bank’s website, a Regular Savings Account requires a minimum initial deposit of:
- Rs 10,000 for urban branches
- Rs 5,000 for semi-urban branches
- Rs 2,500 for rural branches
To maintain the account, customers must either keep the minimum AMB or hold a fixed deposit for at least one year and one day:
- Urban: Rs 10,000 AMB or Rs 1 lakh FD
- Semi-urban: Rs 5,000 AMB or Rs 50,000 FD
- Rural: Rs 2,500 average quarterly balance or Rs 25,000 FD
Eligibility for Regular Savings Accounts
Eligible applicants include:
- Resident individuals (single or joint)
- Hindu Undivided Families (HUFs)
- Foreign nationals residing in India*
- Minors above 10 years (self-operated accounts allowed, with ATM/debit card option)
*Foreign nationals must have resided in India for over 180 days and hold valid documentation, including passport, visa, FRRO certificate, and residential permit.
Minimum Balance Rules Across Major Banks
State Bank of India (SBI)
No minimum balance requirement for Savings Bank or Savings Plus accounts.
Kotak Mahindra Bank
Minimum balance between Rs 10,000 and Rs 20,000 depending on account type; shortfall attracts a 6% monthly charge.
Axis Bank
Minimum balance of Rs 10,000 or a Rs 50,000 FD (12+ months). Priority Savings Accounts require Rs 2 lakh.
Bank of Baroda
Quarterly Average Balance (QAB): Rs 2,000 (metro), Rs 1,000 (semi-urban), Rs 500 (rural).
Punjab National Bank (PNB)
Monthly balance: Rs 10,000 (metro), Rs 5,000 (urban), Rs 2,000 (semi-urban), Rs 1,000 (rural).
Union Bank of India
Quarterly balance: Rs 1,000 (metro/urban), Rs 500 (semi-urban), Rs 250 (rural).
Canara Bank
No minimum balance—AMB requirement waived for all savings accounts from June 1, 2025.
IDBI Bank
Minimum balance: Rs 10,000 (metro/urban), Rs 5,000 (semi-urban), Rs 2,500 (rural), Rs 1,000 (Rural FI branches).
Indian Bank
Cheque facility accounts: Rs 2,500 (metro/urban), Rs 1,000 (semi-urban/rural).
No-cheque accounts: Rs 1,000 (metro/urban), Rs 500 (semi-urban/rural).
Yes Bank
Basic Savings Deposit Account: No minimum balance.
Savings Account PRO: Rs 10,000 per month; PRO Plus: Rs 25,000 per month.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
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