The minimum balance requirement for a savings account in India can vary depending on the bank and the type of account. However, most banks set a minimum balance requirement to ensure that the account remains active and the bank can cover operational costs associated with maintaining the account. Here’s a general overview of what to expect: 1. Traditional Savings Accounts: Minimum Balance: Typically ranges from ₹500 to ₹10,000 (depending on the bank and account type). For smaller banks, the requirement is usually on the lower end, while for larger, more established banks (like SBI, HDFC, ICICI, etc.), it might be on the higher end. Example: State Bank of India (SBI): Generally requires a minimum balance of ₹3,000 in urban and metro areas and ₹1,000 in rural areas. HDFC Bank: The minimum balance requirement can range from ₹10,000 to ₹25,000, depending on the city. ICICI Bank: Similar to HDFC, it may require anywhere between ₹5,000 to ₹10,000. 2. Zero Balance Accounts (Basic Savings Accounts): Minimum Balance: These are accounts specifically designed to cater to individuals who cannot afford to maintain a minimum balance. Banks like SBI, ICICI, and HDFC offer Zero Balance Accounts under certain schemes like Basic Savings Bank Deposit Accounts (BSBDA). The account holder doesn’t need to maintain any minimum balance, and there are no charges for non-maintenance of balance. 3. Salary Accounts: Minimum Balance: Usually zero or low. These accounts are opened for employees of an organization, and the minimum balance requirement is often waived, as the account is linked to salary credits. Example: SBI Salary Account: Often doesn’t have any minimum balance requirement. HDFC Salary Account: Also doesn’t require a minimum balance. 4. Other Account Types: Premium Accounts: For premium or privileged customers, banks may require higher balances (₹25,000 or more) for added benefits such as free transactions, special offers, and better interest rates. 5. Penalties for Non-Maintenance of Minimum Balance: If the required minimum balance is not maintained in the account, banks may charge a penalty fee. The fee varies by bank and can range from ₹50 to ₹500 or more, depending on the balance shortfall and account type. Summary: The minimum balance requirement in a savings account typically ranges from ₹500 to ₹10,000, but some accounts, such as Basic Savings Bank Deposit Accounts, have zero balance requirements. Salary accounts often don’t require a minimum balance. Banks charge penalties if the minimum balance is not maintained. You can always check with your bank for the exact details related to your specific account type, as they can differ based on the branch location or any special offers they might have.

Dear Client, A required minimum balance in a savings account is the lowest amount of money which the account holder has to keep in the account at all times as per the bank’s terms and conditions. Also this requirement varies between banks and also based on the type of savings account which one chooses. If at any time the account balance goes below what is set as the least required amount, banks may charge a penalty or service fee. Also some banks provide zero balance savings accounts which have no such minimum requirements. It is best to verify with the bank itself which they have in terms of the minimum balance policy before you open or to have a savings account. If you have any further questions or require assistance with the court marriage process, please do not hesitate to contact us. Thank You!