All major banks in the country allow a limited number of free ATM transactions every month. But apart from free transactions, banks charge charges along with applicable taxes.
SBI Bank Savings Account Charges
In March 2020, SBI, the country’s most PCAU bank, scrapped the requirement to keep a minimum amount in its savings accounts every month. Earlier, SBI customers had an average monthly balance of Rs. 3000, Rs. 2000 and Rs. 1000 to be maintained.
HDFC Bank Savings Account Charges
Meanwhile, savings account holders in urban and metro cities with leading private sector bank HDFC have an average monthly balance of Rs. 10,000 is mandatory to maintain. Whereas in small towns this amount is Rs.5,000. At the same time, bank customers in rural areas are required to maintain an average balance of Rs 2,500 every quarter. Bank will impose penalty for non-compliance of this rule.
ICICI Bank Savings account Charges
ICICI Bank Savings account holders in metro or urban areas have a minimum monthly average balance of Rs. 10,000, in small-towns Rs. 5,000 and in rural areas Rs. 2,000 should be maintained. On customers who fail to maintain an average balance, the bank will levy a shortfall charge of 6 percent or Rs. 500 fine, whichever is less.
PNB Bank Savings account Charges
Punjab National Bank Savings Bank customers located in metro and urban areas will get Rs. 20,000 is mandatory to maintain balance. However, customers in small-town and rural areas have a minimum quarterly average balance of Rs. 1000 and Rs. 500 should be maintained.
Kotak Mahindra Bank Savings Charges
Kotak Mahindra Bank Savings customers are required to maintain an average monthly balance of Rs.10,000 in metros and Rs.5,000 in non-metro areas. However, for failure to maintain the minimum balance, the bank imposes a penalty of 6 percent on shortfall in AMB.
All major banks in the country allow a limited number of free ATM transactions every month. But apart from free transactions, banks charge charges along with applicable taxes. As per a notification issued by the Reserve Bank of India in June last year, effective from January 1, 2022, every transaction at ATMs over and above the monthly free transaction limit will be Rs. Banks are allowed to charge 21.
