SBI vs ICICI vs HDFC: Minimum Balance Rules You Must Know Before Opening a Savings Account
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Opening a savings account may seem straightforward, but each bank has its own rules for maintaining a minimum balance. These requirements can affect how you manage your funds and avoid penalties. Here’s a clear comparison of three major banks - SBI, ICICI Bank, and HDFC Bank - so you can make an informed choice.
SBI – Zero Balance Freedom
The State Bank of India (SBI), India’s largest public sector bank, keeps things simple by not imposing any minimum balance rule on its regular savings or Savings Plus accounts. Whether monthly or quarterly, customers can maintain a zero balance without worrying about extra charges. This approach aligns with the bank’s focus on financial inclusion, making banking accessible for everyone.
HDFC Bank – Balance or Fixed Deposit Option
HDFC Bank, the country’s largest private lender, offers flexibility but with set conditions:
ICICI Bank – Revised, Lower Requirement
After facing criticism for hiking the minimum balance to ₹50,000, ICICI Bank has now reduced it to ₹15,000 for urban areas. In semi-urban locations, customers must keep ₹7,500, while the earlier raised rural requirement now stands at ₹25,000. This change makes account maintenance less burdensome compared to the earlier steep hike.
If you want zero-balance flexibility, SBI is the go-to option. For those preferring private banks with the option of linking an FD, HDFC offers location-based slabs. ICICI’s revised rule brings relief to customers who found the earlier minimum balance too high.
SBI – Zero Balance Freedom
The State Bank of India (SBI), India’s largest public sector bank, keeps things simple by not imposing any minimum balance rule on its regular savings or Savings Plus accounts. Whether monthly or quarterly, customers can maintain a zero balance without worrying about extra charges. This approach aligns with the bank’s focus on financial inclusion, making banking accessible for everyone.
HDFC Bank – Balance or Fixed Deposit Option
HDFC Bank, the country’s largest private lender, offers flexibility but with set conditions:
- Urban branches: Maintain ₹10,000 or keep a fixed deposit (FD) of ₹1 lakh for at least a year and a day.
- Semi-urban branches: Maintain ₹5,000 or hold an FD of ₹50,000 for the same period.
- Rural branches: Maintain ₹2,500 or an FD of ₹25,000 for one year and one day.
ICICI Bank – Revised, Lower Requirement
After facing criticism for hiking the minimum balance to ₹50,000, ICICI Bank has now reduced it to ₹15,000 for urban areas. In semi-urban locations, customers must keep ₹7,500, while the earlier raised rural requirement now stands at ₹25,000. This change makes account maintenance less burdensome compared to the earlier steep hike.
If you want zero-balance flexibility, SBI is the go-to option. For those preferring private banks with the option of linking an FD, HDFC offers location-based slabs. ICICI’s revised rule brings relief to customers who found the earlier minimum balance too high.
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