Becoming the Premier Public Sector Bank to Waive Charges for Non-Maintenance of Minimum Balance in All Savings Accounts.
Bengaluru: In a groundbreaking announcement, Canara Bank, one of India’s premier public sector banks, has declared the complete removal of the Average Monthly Balance (AMB) requirement for all types of savings accounts, including Savings Accounts, Salary Accounts, NRI SB Accounts, and more. Effective June 1, 2025, this initiative positions Canara Bank as a leading Public Sector Bank (PSB) that truly offers a no-penalty policy for minimum balance requirements across a diverse range of SB accounts. Consequently, no Canara Bank SB customer will incur penalties or fees for failing to maintain a minimum balance.
Previously, customers were required to uphold a minimum Average Monthly Balance depending on their account type; not meeting these requirements often resulted in penalty charges. With this new policy, all Canara Bank SB account holders will enjoy a genuine “no penalty on minimum balance” policy, free from any AMB-related fees.
This significant change is expected to benefit millions of Canara Bank customers, including salaried individuals, senior citizens, students, NRIs, and first-time banking users, enabling them to engage in everyday banking without facing penalties.
