BIG Decision of Canara Bank: Savings Account, Salary Account and NRI SB account will no longer have to keep minimum balance

News India Live, Digital Desk: Public sector Canra bank Has announced the abolishing of the mandatory amount of minimum balance in all its savings accounts. This new rule will be effective from 1 June 2025.

The bank said in a statement, “India One of the leading public sector banks of the Canara Bank, taking a historic step, has announced to completely waive the requirement of average monthly balance (AMB) in all types of savings accounts, including savings accounts, salary accounts, NRI savings accounts, etc.

This initiative has been established as a leading public sector bank (PSB), which does not actually pay no penalty for the requirement of minimum balance in a variety of SB accounts. The Canara Bank said that as a result, any SB customer of Canara Bank will not have to face punishment or fee for not having a minimum balance in his SB account.

Earlier, bank customers had to maintain minimum average monthly balance depending on the type of their account. Failure to maintain these criteria was usually fined. With this new policy, all Canara Bank SB account holders will now enjoy “no penalty on minimum balance” for all SB accounts free from any AMB-related punishment or fee.

The bank said, “The move is expected to benefit millions of customers of Canara Bank, including salaried persons, senior citizens, students, NRIs and uses banking services for the first time, which will give them daily banking facilities without any punishment.”

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