At present, almost everyone has a bank account. There are mainly two types of bank accounts. One is Current Account and the other is Savings Account. Although most people have a savings account in the bank only.
It is also necessary to maintain minimum balance in these savings accounts. If you do not do this, then the bank can also impose a penalty on you. Banks have minimum balance limits. Which is important to maintain. This minimum balance may vary from bank to bank.
What is Zero Balance Account?
However, many banks also provide the facility of zero balance bank account to their customers. In this you do not need to maintain any balance. As per the official website of Bank of Baroda, zero balance account is an account where users are not required to maintain any minimum balance.
Such accounts usually have free transactions and monthly limits on withdrawals. If your total transaction value or number of withdrawals exceeds this limit, the bank may charge you additional charges depending on the mode of transaction. Let us check the minimum balance criteria in various banks.
SBI minimum balance
In March 2022, the State Bank of India (SBI) had decided to waive off the average monthly balance on its basic savings account. Earlier, SBI account holders were required to maintain an average monthly balance of Rs 3,000, Rs 2,000 or Rs 1,000 in their account. This balance had to be kept according to its branch.
HDFC bank minimum balance
According to the HDFC Bank website, it is necessary to keep a minimum balance in the savings account. The minimum balance criteria for branches in urban areas is Rs 10,000 or Rs 1 lakh FD or Rs 5000 average monthly balance or Rs 50,000 FD. Whereas for semi urban branch it is Rs 2500 in three months.
ICICI Bank
The average minimum balance criteria for ICICI Bank regular savings account is Rs 10,000 and Rs 5,000 for semi-urban branches and Rs 2,000 for branches in rural areas.
Canara Bank
The average monthly balance for Canara Bank customers is Rs 2,000 across all branches, Rs 1,000 in semi-urban areas and Rs 500 in rural areas.
PNB minimum balance
The minimum balance criteria for Punjab National Bank customers is Rs 1,000 in rural branches, Rs 2,000 in semi-urban areas and Rs 5,000 to Rs 10,000 in metro cities.
