Is there a minimum balance requirement for a savings account?

Yes, there is usually a minimum balance requirement for a savings account in India. The minimum balance required varies from bank to bank and may depend on factors such as the type of account, location, and account holder's age. In some cases, the minimum balance requirement can be waived if certain conditions are met, such as setting up a recurring deposit or maintaining a certain average balance over a period of time. It is important to check with your bank regarding their specific minimum balance requirement for a savings account.