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HDFC Bank Hikes Minimum Balance for New Savings Accounts to ₹25,000; SBI to Levy IMPS Transfer Fees from August 15
HDFC: This rule will be applicable to all customers opening an account after August 1, 2025. Under this, now on opening a new savings account, the customer will have to maintain a monthly minimum balance of Rs 25,000. If the amount in the account is less than this, a penalty will be levied. Earlier, the minimum balance limit was Rs 10,000.
After ICICI Bank, now HDFC Bank has also increased the limit for maintaining a minimum balance in savings accounts. This rule will apply to all customers opening new accounts after August 1, 2025. Under this, customers will need to maintain a minimum monthly balance of Rs 25,000 when opening a new savings account. If the balance falls below this amount, a penalty will be charged. Previously, the minimum balance limit was Rs 10,000.
This new rule has been implemented in all major metros and urban cities. However, it will not impact existing accounts. Earlier, ICICI Bank increased the minimum balance from Rs 10,000 to Rs 50,000, but after protests, the bank lowered it to Rs 15,000.
SBI has decided to charge a fee for transferring amounts over Rs 25,000 online via Immediate Payment Service (IMPS). This change will take effect from August 15. A fee of Rs 2 will be charged for transferring Rs 25,000 to Rs 1 lakh, Rs 6 for Rs 1 to 2 lakh, and Rs 10 (plus GST) for Rs 2 to 5 lakh.
