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Transactions have become very convenient in today's digital world, you can send and receive money to any person in the world through UPI, and for this you must have a savings account, in such a situation, if you have an account in State Bank of India (SBI), HDFC Bank or Punjab National Bank (PNB), then this news is very important for you, recently these banks have made the latest update regarding the minimum balance requirements. It is very important to maintain a minimum balance to avoid penalty and ensure good health of your account. Let's know its full details-

Why is it important to maintain minimum balance

Avoiding penalty: Failure to maintain the required minimum balance may result in a penalty which can affect your savings.

Financial Security: A healthy balance can provide financial security for emergencies.

Interest Benefits: Interest is earned on the balance kept in multiple accounts, which helps in increasing your savings.

New Minimum Balance Requirements

State Bank of India (SBI)

SBI has set different minimum balance requirements depending on the location of the branch:

Urban areas: ₹3,000

Semi-urban areas: ₹2,000

Rural areas: ₹1,000

Note that SBI had previously removed the average monthly balance requirement, but these new guidelines now apply.

HDFC Bank

HDFC Bank mandates different minimum average monthly balance requirements depending on the type of branch:

Urban branches: Fixed deposits of ₹10,000 or ₹1 lakh.

Semi-urban branches: Fixed deposits of ₹5,000 or ₹50,000.

Rural branches: Fixed deposits of ₹2,500 or ₹25,000.

These rules have come into effect from July 1, 2022.

Punjab National Bank (PNB)

PNB's new requirements also vary by region:

Rural areas: Minimum balance ₹500; penalty of ₹25 for non-compliance.

Mid-urban areas: Minimum balance ₹100; penalty of ₹100 for non-compliance.

Urban areas: Minimum balance ₹2,000; penalty of ₹250 for non-compliance.