In 2020, SBI had completely removed the need for minimum balance from both urban and rural savings accounts.
ICICI Bank has set a minimum balance ₹ 50,000 in cities for new savings accounts, which can become a challenge for income earnings. This rule will be applicable from August 1, 2025.
The minimum monthly average balance of ICICI in semi-urban branches has been increased to ₹ 25,000 and ₹ 10,000 in rural branches, which was earlier ₹ 5,000 and ₹ 5,000 respectively.
If the customers of ICICI Bank do not maintain the prescribed minimum balance, then they will have to pay a fine of 6% and a maximum of ₹ 500 on a low amount.
SBI completely removed the need for minimum balance from both urban and rural savings accounts in 2020, which has brought great relief to the customers.
Punjab National Bank and Canara Bank have also abolished the fine for not having minimum balance, which has benefited the savings account holders.
Union Bank of India demands a minimum balance of ₹ 250 in rural branches and ₹ 1,000 in urban branches, while these boundaries are less without checkbooks.
The country’s largest private bank HDFC bank demands ₹ 2,500 in rural branches and ₹ 10,000 in urban branches, which is much less than ICICI.