Canara Bank, SBI, Yes Bank, HDFC Bank), KVB, ICICI Bank, Kotak Mahindra Bank, Indian Bank and Indian Overseas Bank Saving Account, Curent Account Minimum Balance Amount Details

 

The details of the minimum balance requirements for savings accounts in the banks you specified and the penalties imposed for not maintaining them are given below:

1. Canara Bank:

Ø Minimum Balance:

·       Urban and Metro Branches: Average Monthly Balance (AMB) Rs.2,000

·       Semi-Urban Branches: AMB Rs.1,000

·       Rural Branches: AMB Rs.500

Penalty: If the minimum balance is not maintained, a penalty will be imposed as per the bank's policies.

2. SBI:

Ø  Minimum Balance:

·       Metro areas: Rs.3,000

·       Small towns: Rs.2,000

·       Rural areas: Rs.1,000

Penalty:  If the minimum balance is not maintained, a penalty will be levied as per the bank's policies.

3. Yes Bank:

Ø  Minimum Balance:

·       YES Digital: Monthly Average Balance Rs. 10,000

·       YES PRO Max: Monthly Average Balance Rs. 50,000

·       YES PRO Plus: Monthly Average Balance Rs. 25,000

·       YES Essence: Monthly Average Balance Rs. 25,000

·       MY First YES: Monthly Average Balance Rs. 2,500

·      YES PRO: Monthly Average Balance Rs. 10,000

·    Pradhan Mantri Jan Dhan Yojana: No Minimum Balance Required

·       Senior Citizen Savings Account: Monthly Average Balance Rs. 25,000

Penalty:  If the minimum balance is not maintained, a penalty will be levied as per the bank's policies.

4. HDFC Bank:

Ø Minimum Balance:

·       Metro and Urban Branches: Monthly Average Balance Rs. 10,000

·       Semi-Urban Branches: Monthly Average Balance Rs. 5,000

·       Rural Branches: Monthly Average Balance Rs. 2,500

Penalty: If the minimum balance is not maintained, a penalty will be imposed as per the bank’s policies.

5. Karur Vysya Bank (KVB):

Ø Minimum Balance:

• Monthly Average Balance Rs. 1,000 for Savings Accounts

Penalty: If the minimum balance is not maintained, a penalty of Rs. 200 will be imposed.

6. ICICI Bank:

Ø     Minimum Balance:

• Gramin Regions: Monthly Average Balance Rs. 2,000
• Other Regions: Monthly Average Balance Rs. 10,000

Penalty: If the minimum balance is not maintained, a penalty of Rs. 500 or 6% of the outstanding balance, whichever is less, will be levied.

7. Kotak Mahindra Bank:

Ø Minimum Balance:

·       The minimum balance requirements for the bank’s savings accounts vary based on the account type and branch location. For specific details, please refer to the bank’s official website.

8. Indian Bank:

Ø Minimum Balance:

Rural and Semi-Urban Branches:

·       With Cheque Facility: Rs. 1,000

·       Without Cheque Facility: Rs. 500

Metro and Urban Branches:

·       With Cheque Facility: Rs. 2,500

·       Without Cheque Facility: Rs. 1,000

 Penalty: If the minimum balance is not maintained, a penalty will be levied based on the amount of the shortfall.

9. Indian Overseas Bank:

Ø Minimum Balance:

 Accounts without Chequebook:

·       Metro and Urban Branches: Rs. 500

·       Rural and Semi-Urban Branches: Rs. 100

·       Pensioners: Rs. 5

Penalty: If the minimum balance is not maintained, a penalty will be levied as per the bank’s policies.

Note: Banks may change their policies from time to time. Therefore, please visit your bank's authorities or official website addresses for the latest and most accurate information.