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Minimum Balance Rule: ICICI Bank has increased the minimum balance for new savings accounts to ₹50,000 in urban branches, while SBI, PNB and Canara Bank have abolished it. Other banks also impose balance rules at different levels. Know the full details.
ICICI Bank has set a minimum balance of ₹50,000 for new savings accounts across cities, which could be a challenge for income earners. This rule will come into effect from August 1, 2025.
ICICI’s minimum monthly average balance has been raised to ₹25,000 at semi-urban branches and ₹10,000 at rural branches, up from ₹5,000 and ₹5,000 respectively earlier.
If ICICI Bank customers do not maintain the prescribed minimum balance, they will have to pay a penalty of 6% on the shortfall amount and a maximum of ₹500.
SBI completely removed the minimum balance requirement from both urban and rural savings accounts in 2020, providing great relief to customers.
Punjab National Bank and Canara Bank have also abolished the penalty for not maintaining minimum balance, benefiting savings account holders.
Union Bank of India requires a minimum balance of ₹250 at rural branches and ₹1,000 at urban branches, while these limits are lower without a chequebook.
The country’s largest private bank, HDFC Bank, asks for a minimum balance of ₹2,500 in rural branches and ₹25,000 in urban branches, which is much lower than ICICI.
The minimum balance in IDFC First Bank ranges from ₹10,000 to ₹25,000, depending on the category the account falls under.
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