HDFC Bank clarifies savings account minimum balance rules remain unchanged; AMB remains Rs 10,000

HDFC Bank has clarified that it has not raised the minimum balance requirements for its savings accounts, countering earlier reports suggesting that new account holders in metro or urban branches would need to maintain an average monthly balance (AMB) of Rs 25,000, more than double the previous Rs 10,000.

The bank emphasized that it offers multiple variants of savings accounts tailored to different customer profiles, with each variant having distinct AMB requirements based on the value-added services provided.

“We would like to place on record that HDFC Bank offers multiple variants of Savings Accounts in line with the customers’ profile. Each variant has different requirements of Average Monthly Balance based on the value-added services offered. There has been no change in the Average Monthly Balance (AMB) requirement for any account type,” the bank stated.

Currently, the AMB for the Regular Savings Account remains at Rs 10,000, while the Savings Max Account continues to require Rs 25,000. These account variants are available across rural, semi-urban, urban, and metro branches, depending on the customer profile. For metro branches, where customer usage is higher, the bank prioritizes offering the Savings Max Account to new customers.

Regular savings account

According to HDFC Bank’s website, opening a Regular Savings Account requires a minimum initial deposit of Rs 10,000 for urban branches, Rs 5,000 for semi-urban branches, and Rs 2,500 for rural branches. Maintaining the account requires either the minimum AMB or a fixed deposit: Rs 10,000 AMB or Rs 1 lakh FD in urban branches, Rs 5,000 AMB or Rs 50,000 FD in semi-urban branches, and Rs 2,500 average quarterly balance or Rs 25,000 FD in rural branches, all with a minimum tenure of one year and one day (effective from July 1, 2022).

This clarification reassures customers that existing savings account rules remain unchanged while offering flexibility across different branch locations.

The following individuals are eligible to open a Regular Savings Account:

Resident individuals, either in a sole or joint capacity

Hindu Undivided Families (HUFs)

Foreign nationals residing in India*

Minors above 10 years of age can open a self-operated minor account, and an ATM/debit card may be issued to them

*Foreign nationals must have resided in India for more than 180 days and possess the following documents: a valid passport, a valid visa, an FRRO (Foreigners Regional Registration Office) certificate, and a residential permit.