Minimum Balance You Need To Maintain In Your Bank Account: SBI, ICICI Bank, HDFC Bank Penalty Charges Compared

Banking majors SBI (State Bank of India), ICICI Bank and HDFC Bank charge their customers a penalty fee for non-maintenance of the minimum stipulated balance in their savings bank accounts. This penalty fee, for failing to comply with the banks' separate monthly average balance or MAB requirements, ranges from Rs 5 to Rs 600 (excluding taxes and other charges). State Bank of India (SBI), for example, has set a monthly average balance requirement of Rs 3,000 for customers holding a savings bank account with its metro branch. Similarly, the other two major banks have also set different minimum balance average limits, failing to meet which attracts a penalty charge. Here's a lowdown of different minimum balance requirements set by these banks and the penalty charges applicable.

Minimum balance required in savings bank account - SBI vs ICICI Bank vs HDFC Bank

SBI

Penalty charges for non-compliance with monthly average balance (MAB) rules: SBI vs ICICI Bank vs HDFC Bank