After ICICI Bank, bad news for HDFC Bank customers, hikes minimum balance limit to Rs...
HDFC Bank Minimum Balance: In a major decision set to affect millions of account holders, HDFC Bank– India's largest private banking institution– has hiked the minimum balance limit for savings accounts, making it mandatory for account holders to maintain a minimum balance to avoid penalties in case of non-compliance. What is the new minimum balance limit for HDFC Bank savings account?
As per the new rules announced by HDFC Bank, account holders are now required to keep a minimum of Rs 25,000 in their savings accounts, failing which would invite a penalty from the bank. Earlier, the HDFC Bank had a minimum balance requirement (MBR) of Rs 10,000 for savings accounts.
The new MBR rule came into effect from August 1 in metro cities and urban areas, and affects all HDFC Bank customers who open savings accounts on or after the said date. ICICI Bank hikes MBR
HDFC Bank's MBR hike came day after ICICI Bank– the country's second-largest bank– increased the minimum balance limit on savings accounts from Rs 10,000 to Rs 50,000 per month. ICICI Bank's MBR hike also came into effect on August 1 and was implemented across all its branches in metro and urban regions.
Notably, ICICI Bank also hiked the MBR for savings accounts in its semi-urban branches from Rs 5000 to Rs 25,000 per month, while MBR for savings accounts in branches located in rural areas was increased from Rs 5000 to Rs 10,000 per month.
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Indian Express
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Time of India
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