HDFC Update: HDFC Bank clarified, there is no change in the saving account balance rule…

If you have a savings account in HDFC Bank or are thinking of opening a new account, then there is some relief news for you. It was reported on social media and in some reports that HDFC Bank has increased the minimum average balance (AMB) for metro and urban branches from Rs 10,000 to Rs 25,000, but the bank has clarified that no such change has been made.

What did HDFC Bank say?

HDFC Bank issued a statement saying that they offer various types of savings accounts (HDFC Bank Savings Account) according to different customer profiles, and each variant requires a different minimum balance (HDFC Bank Minimum Balance). But, there has been no change in the AMB rule for any account type. The minimum balance for a regular savings account is still Rs 10,000, while a balance of Rs 25,000 has to be maintained for the Savings Max account.

Balance rules for different locations

According to HDFC Bank's website, to open a regular savings account, it is necessary to maintain a minimum balance of Rs 10,000 in metro and urban branches or a fixed deposit of Rs 1 lakh. In semi-urban branches, this amount is Rs 5,000 AMB or Rs 50,000 FD. At the same time, in rural branches, an average quarterly balance of Rs 2,500 or an FD of Rs 25,000 has to be maintained. The minimum period of FD is 1 year and 1 day.

Savings account variants

Both the Regular Savings Account and Savings Max Account are available in Metro, Urban, Semi-Urban, and Rural branches. In metro branches, where the service requirements of the customer are higher, the Savings Max Account is offered to new customers, in which a minimum balance of Rs 25,000 is required.

Who can open a regular savings account?

This account can be opened by resident individuals, Hindu Undivided Families (HUF), foreign nationals residing in India (more than 180 days), and minors above 10 years of age. ATM/debit cards can also be given to minors in self-operated accounts.

Clear message for customers

With this statement of HDFC Bank, it has become clear that there is no change in the minimum balance rule (HDFC Bank Savings Account Minimum Balance Rule). If you have a regular savings account, then you will have to keep Rs 10,000 in metro and urban branches as before, so that the penalty can be avoided.

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