SBI vs HDFC Bank vs ICICI Bank vs Axis Bank vs PNB charges for non-maintenance of Average Monthly Balance (AMB) charges: The State Bank of India pleasantly surprised its 44.51 crore Savings Bank Account customers last week by waiving off maintenance of Average Monthly Balance (AMB). With the decision, all SB customers can now enjoy Zero balance facility in their Savings Bank Accounts. Earlier, they had to maintain AMB of Rs 3000, Rs 2000 and Rs 1000 in Metro, Semi-Urban and Rural areas respectively. SBI used to levy a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of AMB. While the SBI has waived AMB maintenance, customers of other banks need to continue to maintain the minimum monthly average balance. Here is a look at the AMC maintenance required by HDFC Bank, ICICI Bank, Axis Bank, Punjab National Bank.

HDFC Bank Average Monthly Balance

HDFC Bank Metro/ Urban branches: AMB Rs.10,000

HDFC Bank Semi-Urban Branches: AMB Rs.5,000

HDFC Bank Rural Branches: Average Quarterly Balance of Rs.2,500 or Fixed Deposit of Rs. 10,000 for minimum 1 year 1 day period.

HDFC Bank non-maintenance of AMB charges:

ICICI Bank Average Monthly Balance

ICICI Bank Metro and Urban locations – Rs.10,000
ICICI Bank Semi-urban locations – Rs.5,000
ICICI Bank Rural locations – Rs.2,000
ICICI Bank Gramin locations – Rs.1,000

ICICI Bank non-maintenance of AMB charges:

Metro/Urban/Semi-Urban/Rural locations :
Rs. 100 + 5% of the shortfall in required MAB
Gramin locations : 5% of the shortfall in required MAB

Axis Bank Average Monthly Balance

Axisi Bank Metro/Urban – Rs. 10,000,
Axis Bank Semi Urban – Rs. 5,000,
Axis Bank Rural – Rs. 2,500

Axis Bank non-maintenance of AMB charges:

Urban: Monthly Service Fee (MSF) of Rs.10 for every Rs.100 shortfall in required balance or Rs.500, whichever is lower, with a minimum charge of Rs. 100. Waived off if AMB is maintained.

Semi-Urban: Monthly Service Fee (MSF) of Rs.10 for every Rs.100 shortfall in required balance or Rs.300, whichever is lower, with a minimum charge of Rs. 100. Waived off if AMB is maintained.

Rural: Quarterly Service Fee (AQB) of Rs.10 for every Rs.100 shortfall in required balance or Rs.250, whichever is lower, with a minimum charge of Rs. 100. Waived off if AQB is maintained.

Punjab National Bank Average Monthly Balance

PNB Rural    Rs.1000
PNB Semi-Urban Rs.2000
PNB Urban-  Rs.2000
PNB Metropolitan- Rs.2000

PNB non-maintenance of AMB charges: From Rs. 25 to 250 as per location, category and deficit in QAB as per brackets in Rs.100s

State Bank of India Average Monthly Balance

Not required

SBI had said in a statement last week that the charges on maintaining AMB are now waived off on all 44.51 crore SBI savings bank accounts. Earlier, SBI Savings Bank customers needed to maintain AMB of Rs 3000, Rs 2000 and Rs 1000 in Metro, Semi-Urban and Rural areas respectively. The bank used to levy a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of AMB.

(Note: All data sourced from respective bank’s official websites on 16-03-2020)