New Delhi: In a big relief for all customers, public sector lender Canara Bank has announced waiver of minimum balance in all its savings accounts. The new rule is effective from 1 June 2025.
“Canara Bank, one of the India’s leading public sector banks, in a landmark move, announced the complete waiver of the Average Monthly Balance (AMB) requirement across all SB account types, which includes Savings Accounts, Salary Accounts, NRI SB Accounts etc,” the bank said in a statement.
This initiative establishes Canara Bank as the leading Public Sector Bank (PSB) providing a genuine no-penalty for minimum balance requirement across a wide variety of SB accounts. As a result, no SB customer of Canara Bank will face penalties or fees for not maintaining a minimum balance in their SB account, Canara Bank added.
Previously, customers of the Bank had to maintain a minimum Average Monthly Balance based on their account type. Failing to maintain these criteria usually led to penalty charges. With this new policy, all Canara Bank SB account holders will now enjoy true “no penalty on minimum balance” for all SB accounts free from any AMB-related penalties or fees.
“This move is anticipated to benefit millions of Canara Bank customers, including salaried individuals, senior citizens, students, NRIs, and first-time users of banking services, facilitating everyday banking without penalties,” the bank added.
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