Canara Bank removes minimum balance penalty for savings accounts

A rickshaw puller passes the Canara Bank department within the outdated quarters of Delhi.
| Photo Credit: Reuters

BENGALURU

Canara Bank has introduced the removing of expenses for non-maintenance of minimum balance throughout all forms of Savings Bank (SB) accounts, together with common, wage, and NRI accounts.

Effective June 1, 2025, the transfer makes Canara Bank the first main public sector financial institution to implement a blanket waiver on minimum balance penalties for all SB account classes.

Previously, account holders had been required to keep up a specified Average Monthly Balance (AMB) or face penalties. With this coverage change, such charges will now not apply, providing extra flexibility and monetary aid to clients.

The financial institution confirmed the event in an official launch.