What is the minimum balance requirement in a Savings Account?

Minimum balance of savings bank account depends upon type of bank, location and even varies from bank to bank. Some banks require that you maintain a minimum monthly balance others have minimum quarter balance requirement.

In urban areas most nationalized banks have minimum monthly balance requirement of Rs 1000 in savings bank account with cheque book facility. Premium savings accounts with enhanced facilities would have higher minimum balance requirements. Private banks have quarterly minimum balance requirement of Rs 10,000 in urban areas, Rs 5,000 in semi-urban areas and R 2,500 in rural areas.

If you fail to comply with minimum balance requirements a penalty will be charged, at a rate depending on bank's policies. Read terms and conditions of savings account of your bank to know more.

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