The move comes close on the heels of leading public sector banks, including State Bank of India (SBI), Indian Bank, Canara Bank, and Punjab National Bank, announcing that they will not charge customers for not maintaining a minimum balance in their savings accounts.
While private sector banks have not been as generous as their public sector peers, some of them do offer 'zero balance' savings accounts. Here is a primer on minimum AMB requirements, fee charged by private banks for non-compliance, and 'zero balance' savings accounts offered by them.
HDFC Bank
It is mandatory to maintain a minimum AMB of ₹10000 or fixed deposit (FD) of ₹1 lakh for a minimum of 1 year 1 day (with effect (w.e.f.) from July 1, 2022) for savings accounts in urban branches, average monthly balance of ₹5000 or fixed deposit of ₹50000 for a minimum of 1 year 1 day (w.e.f. July 1, 2022) for semi-urban branches, and an average quarterly balance of ₹2500 or a fixed deposit of ₹25000 for a minimum tenure of 1 year 1 day (w.e.f. July 1, 2022) for rural branches.
Non-maintenance charges
6% of the shortfall from the average balance requirement or ₹600, whichever is lower, for all savings accounts except Pragati and GIGA.
ICICI Bank
Customers should maintain a minimum AMB of ₹50000 in metro and urban cities, ₹25000 in semi-urban areas, and ₹10000 in rural areas.
The charges will be waived off if the customer meets the enrolled program criteria under the 'Select' programme. This will require deposits and a balance of ₹2 lakh or deposits, balance, mutual funds AUM (Assets Under Management), demat account of ₹25 lakh.
Axis Bank

• Average Balance Required (Metro): Not Applicable (NA)


• Non-maintenance of average balance charges (Metro): NA


• Average Balance Required (Urban): NA


• Non-maintenance of average balance charges (Urban): NA


• Average Balance Required (Semi Urban): Average monthly balance of ₹10000 (Semi-urban/Rural) or FD of at least ₹50000 for a tenure of 12 months or more


• Average Balance Required (Rural): Average monthly balance of ₹10000 (Semi-urban/Rural) or FD of at least ₹50000 for a tenure of 12 months or more

Kotak Mahindra Bank
There is no minimum balance requirement for Kotak's 811 'Zero Balance Savings Account'
Kotak Savings Accounts: Minimum average monthly balance of ₹2000- ₹100000
Non-maintenance fee
IndusInd Bank
There is no minimum balance requirement for the 'IndusInd Delite' savings account. But you have to pay a small amount as a debit card fee and fund your zero-balance bank account with an initial funding amount.
The minimum AMB for other savings accounts varies from ₹1500 to ₹50000, depending on the location of the branch.
IDFC FIRST Bank
The average monthly balance requirement is 'Nil' for 'Diamond Private Savings Account'.
Yes Bank

• Savings Account PRO Max: Minimum AMB of ₹50000


• Savings Account Pro Plus/ Yes Essence SA YES Respect SA: Minimum AMB of ₹25000


• Savings Account PRO: Minimum AMB of ₹10000


• Savings Value/ Kisan SA: Minimum AMB of ₹5000


• My First YES: Minimum AMB of ₹2500

Non-maintenance charges
Allirajan M is a journalist with over two decades of experience. He has worked with several leading media organisations in the country and has been writing on mutual funds for nearly 16 years.