Minimum Balance (Savings Account) & Non-Maintenance Charges Comparison

[rmani84]

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Indian Bank, Allahabad Bank, J&K Bank (JK Bank), Bank of India & Canara Bank seems to be the best banks in-terms of Minimum Balance to be maintained in savings bank account and least charges on non-maintenance of minimum balance. Below's the minimum balance requirement of various banks and charges on non-maintenance.

Indian Bank
The minimum average monthly balance required to be maintained for a Indian Savings Account is Rs.500/- in Urban/Metro and Rs 100/- in Rural
A service charge of Rs 10 shall be levied on each occasion irrespective of number of days for which the position continues.

Allahabad Bank
The minimum average monthly balance required to be maintained for a Allahabad Savings Account is Rs.500/- in Urban/Metro and Rs 100/- in Rural
Non-maintenance charges per month of minimum balance is Rs 20/-

Bank of India
The minimum average monthly balance required to be maintained for a Bank of India Savings Account is Rs.500/-
Non-maintenance charges per month of minimum balance is Rs 100/- in Urban and Rs 50/- in Rural areas

JK Bank
The minimum average quarterly balance required to be maintained for a JK Bank Savings Account is Rs.500/- with cheque book and Rs.300/- without a cheque book.
Non-maintenance charges per quarter of minimum balance is Rs 100/-

Canara Bank
Metro/Urban - Rs.500/- without cheque book & Rs.1000/- with cheque book. Semi-urban/Rural Branches - Rs.100/- without cheque book & Rs.500/- with cheque book
Flat Non-maintenance Charge of Rs. 30/- per month ( to be collected once in a month on last working day)

Karur Vysya Bank
The minimum average monthly balance required to be maintained for a Karur Vysya Savings Account is Rs.1,000/-.
Charges for non maintenance thereof : Rs.50.00 + Service Tax per month

SBI Bank
The minimum average monthly balance required to be maintained for a SBI Savings Account is Rs.1,000/-
Non-maintenance charges per month of minimum balance is Rs 225/-

Union Bank of India
The minimum average monthly balance required to be maintained for a Union Bank of India Savings Account is Rs.1,000/- in Urban, Rs 500/- in Semi-Urban and Rs 250/- in Rural areas.

Federal Bank
The minimum average quarterly balance required to be maintained for a Federal Bank Savings Account is Rs.1,000/-.
Non-maintenance charges per quarter of minimum balance is Rs 300/- & Rs 240/- in Rural savings account

Oriental Bank of Commerce
The minimum average monthly balance required to be maintained for a OBC Savings Account is Rs.1,000/- in metro and urban locations, Rs. 250/- in semi-urban and rural locations.
Non-maintenance charges per month of minimum balance is Rs 35/- in Metro/Urban and Rs 15/- in Rural/Semi-Urban locations.

Axis Bank
The minimum average quarterly balance required to be maintained for a Axis Savings Account is Rs.5,000/- in metro and urban locations, Rs. 2,500/- in semi-urban and Rs. 1,000/- in rural locations.
Non-maintenance charges per quarter of minimum balance is Rs 750/-

IndusInd Bank
The minimum average monthly balance required to be maintained for a IndusInd Savings Account is Rs.5,000/- for 'A' & 'B' Category branches and Rs.2,500/- for 'C' Category branches.
Non-maintenance charges per month of minimum balance is Rs 250/-

ICICI Bank
The minimum average quarterly balance required to be maintained for a ICICI Savings Account is Rs.10,000/- in metro and urban locations, Rs. 5,000/- in semi-urban and Rs. 2,000/- in rural locations.
Non-maintenance charges per quarter of minimum balance is Rs 750/-

HDFC Bank & ING Vysya Bank
The minimum average quarterly balance required to be maintained for a HDFC or ING Vysya Savings Account is Rs.10,000/- in metro and urban locations, Rs. 5,000/- in semi-urban and rural locations.
Non-maintenance charges per quarter of minimum balance is Rs 750/-

You may also be interested to read about "Savings Account Interest Rate Comparison"

[rmani84]

Yes Bank
The minimum average quarterly balance required to be maintained for a Yes Bank Savings Account is Rs.5,000/-.
Non-maintenance charges per quarter of minimum balance is Rs 500/-

Kotak Mahindra Bank
The minimum average quarterly balance required to be maintained for a Kotak Mahindra Savings Account is Rs.10,000/-.
Non Maintenance Charges (Quarterly): AQB more than 50% but less than required AQB: 750; AQB less than 50%: 1000

Punjab National Bank
The minimum average monthly balance required to be maintained for a PNB Savings Account is Rs.10,000/-.
Non-maintenance charges per month of minimum balance is Rs 200/-

Bank of Baroda
The minimum average monthly balance required to be maintained for a Bank of Baroda Savings Account is Rs.10,000/- for Urban/Metro and Rs.1,000/- for Rural.
Non-maintenance charges per month of minimum balance is Rs 50/- for Rural/Semi-Urban and Rs 100/- for Urban/Metro

[sen]

What does "minimum balance maintenance" means ? say if minimum balance is 5,000, do we have to keep the minimum balance for the whole month? if we just show the 5,000 transaction in a month is enough??

[rmani84]

What does "minimum balance maintenance" means ? say if minimum balance is 5,000, do we have to keep the minimum balance for the whole month? if we just show the 5,000 transaction in a month is enough??

You will need to keep 5,000 as a balance on an average for the whole month ... Its not the transaction, its the balance that needs to be maintained at all times.

[priyarawat229]

Good work…unique site and interesting too… keep it up…looking forward for more updates.

[call2sam]

Updates: Axis Bank revised to 10,000 for Metro/urban location, whereas the SBI offer Zero balance for existing and new customer.

[sureshsharma]

Very useful tips. Lot of information. Thanks for sharing.