Quick Answer: What Is The Minimum Balance For Savings Account?

What is the minimum balance for SBI savings account?

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..

Do credit unions require a minimum balance?

Credit unions are required to set a “par value” for a share in the credit union. Usually, this value is low, in the range of $5 to $25. You must maintain a balance that is greater than or equal to the par value of a share to remain a member of the credit union.

Is HDFC better or Axis Bank?

Some of the key results of the comparison between the two banks are: Lowest Interest rate of Axis Bank Personal Loan is 10.49%, which is lower than the lowest interest rate of HDFC Bank at 10.50%. … HDFC Bank can be a better option if you are looking for a high value amount.

Do savings accounts have monthly fees?

Common savings account fees include: Monthly maintenance fee. Service charges on the account. Minimum balance requirement (Some banks may only charge a fee if your account balance falls below a pre-determined amount at any time, so keep an eye out for these requirements.)

Which bank has lowest minimum balance for savings account?

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 the minimum balance in account?

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.

Are savings accounts free?

You can choose from free savings accounts that charge no monthly fee. But as you compare your options for savings accounts, don’t rule out accounts with monthly fees, because in most cases you can avoid these fees by keeping a minimum balance of as little as a few hundred dollars.

Is savings account interest monthly?

It depends on your account. With most savings accounts and money market accounts, you’ll earn interest every day, but interest is typically paid to the account monthly. However, CDs usually pay you at the end of the specific term.

What is a minimum balance fee?

In banking, a minimum daily balance is the minimum balance that a banking institution requires account holders to have in their accounts each day in order to waive maintenance fees. … The bank won’t charge her the service fee because her final balance that day is $1,700.

What banks have no minimum balance?

10 Best Options for Free Checking With No Minimum BalanceCapital One.Ally Bank.Discover.Axos Bank.FNBO Direct.Chime.Varo.KeyBank.More items…•

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 safest 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.

Do you need a minimum balance for a savings account?

Yes, there is a minimum balance required to open a savings account.

Which bank is best for savings 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.