Category: Breakingnews

Minimum Balance Rules, Penalty For Insufficient Balance Of Key Banks Explained

Regular savings bank accounts require customers to maintain a certain average monthly balance (AMB) every month. Leading banks such as State Bank of India (SBI), HDFC Bank and ICICI Bank have fixed their monthly average balance requirements according to the location of a customer’s account in urban, metro, semi-urban and rural areas. Banks charge a penalty from