Quick Answer: Which Bank Has Zero Minimum Balance?

Which bank has lowest minimum balance?

ICICI Basic Savings Account.HDFC BSBDA Small Savings Account.SBI Basic Savings Bank Account.Axis Bank Small Basic Savings Account.Indus Small Savings Account.Standard Chartered Bank’s Basic Banking Account.RBL Bank’s Abacus Digital Savings Account.IDFC Bank Pratham-savings account (BSBDA).

What is minimum balance in SBI?

Currently, SBI savings bank account customers need to maintain an average monthly balance of Rs 3,000 in metro, Rs 2,000 in Semi urban and Rs 1,000 in rural areas. Further, the bank used to levy a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of average monthly balance as stated above.

Which is best bank in India?

Top Commercial Banks in IndiaTop 10 Commercial Banks in India are:State Bank of India (SBI) … ICICI Bank (Industrial Credit and Investment Corporation of India) … HDFC Bank. … Axis Bank. … Kotak Mahindra Bank. … IndusInd Bank. … Bank of Baroda.More items…

How many bank accounts should a single person have?

Having up to two bank accounts is ideal, or at best three.

What is the minimum balance?

For bank accounts, the minimum balance is the minimum dollar amount that a customer must have in an account to receive some service benefit, such as keeping the account open or receiving interest.

How can we avoid minimum balance charges?

The first way to avoid paying minimum balance fees on any account you have is to put your money into a bank that does not charge any such fees. You can search for banks, locally or nationally, using any of a variety of online search engines.

Which is safest bank in India?

List of Best, Safe Banks in India1) HDFC Bank. If market confidence is a measure of the soundness of a Bank, then HDFC Bank takes the cake. … 2) State Bank of India. … 3) ICICI Bank. … 4) AXIS Bank. … 7) Kotak Mahindra Bank, IndusInd Bank.

Which is the richest bank in India?

ICICI BankICICI Bank is the largest private bank in India. The bank clocked the consolidated assets worth Rs. 12.50 trillion as on June 30, 2019….HDFC Bank Ltd. … State Bank of India. … ICICI Bank Ltd. … Kotak Mahindra Bank Ltd. … Axis Bank Ltd. … IndusInd Bank Ltd. … Yes Bank Ltd. … Punjab National Bank.More items…•

Which bank required minimum balance?

List of All Banks Savings Account Interest Rates and Minimum Balance 2021List of Savings Account BanksMinimum Balance Required(INR)HDFC Bank2500/5000/10000/25000ICICI Bank0/1000/2000/2500/5000/10000IDBI Bank500/2500/5000IDFC Bank2500033 more rows

What is minimum balance in Icici Bank?

Rs. 10,000To maintain ICICI Bank Savings account, you require a minimum balance of Rs. 10,000 in metro and Urban locations, Rs. 5,000 in Semi Urban and Rs. 2,000 in Rural locations.

How is minimum balance calculated?

MAB is the average of all the closing-day balances in a given month. To calculate the MAB, you need to add each day’s end-of-the-day balance and divide it by the number of days in that month. Assuming, a bank asks that you maintain Rs 5,000 as average monthly balance: On July 1, the balance in the account is Rs 5,000.

What is the limit of zero balance account?

8) SBI zero balance savings account allows a maximum of 4 cash withdrawals free of cost in a month, including ATM withdrawals at own and other bank’s ATMs. 9) For SBI zero balance savings account, basic RuPay ATM-cum-debit card will be issued free of cost and no annual maintenance charge will be applied.

What happens if minimum balance is not maintained?

Most banks require their customers to maintain a minimum balance in their account. They charge their account holders for the non-maintenance of minimum average balance (MAB). … If customers fail to maintain this balance, they will have to pay a penalty of up to Rs 75 – every month!

Which bank is best for zero balance account?

8 Best Zero Balance Savings Account In IndiaIDFC First Bank Pratham Savings Account. … YES Bank Smart Salary Advantage. … IndusInd Bank-Indus Online Savings Account. … DBS-DigiSavings. … Kotak Mahindra Bank-811 Digital Bank Account. … HDFC Bank – Basic Savings Bank Deposit Account. … SBI – Basic Savings Bank Deposit Account. … Standard Chartered Basic Savings Bank Deposit Account.

What happens if my bank account balance is zero?

Banks levy penalty for non-maintenance of the minimum account balance in a regular savings account. A zero balance account scores over a regular savings account as you are not required to maintain a minimum balance. When you get yourself a zero balance account, you can keep any amount of money you want.

Do banks close accounts with zero balance?

Often banks will automatically close-out an account that has a statement cycle (generate a statement) and is at a zero balance, unless it has been flagged to prevent automatic closure.

Can we keep SBI zero balance?

SBI says no minimum balance penalty, SMS charges on all savings accounts. India’s largest bank State Bank of India or SBI said that it is not charging savings bank account customers for non-maintenance of minimum balance and it has also waived SMS charges. “Good news for SBI Savings Account holders!

Which bank is safe for FD?

To get the benefit of high rates, both SBI Bank and ICICI bank have a new FD scheme exclusively for senior citizens. The bank fixed deposits are becoming the first choice of depositors to keep their savings safe.