CHENNAI: HDFC Bank has clarified that there is no change in its minimum monthly balance (AMB) rules for savings accounts. The requirement remains Rs 10,000 for regular savings accounts and Rs 25,000 for super savings accounts.
The bank added that salary accounts and Basic Savings Bank Deposit Accounts (BSBDA) are exempt from this rule and will continue to operate as zero-balance accounts.
The clarification followed speculation that HDFC might revise its average monthly balance requirement after ICICI Bank recently increased the minimum balance for new accounts. In contrast, several public sector banks, including SBI and PNB, have reduced or removed such requirements to attract customers.
The Reserve Bank of India has maintained that decisions on minimum balance requirements are commercial in nature and are left to the discretion of individual banks.