Canara Bank Big Update! Minimum Balance Not Required In Savings Account, Salary Account, NRI SB Account

New Delhi: In a large aid for all consumers, public sector lender Canara Bank has introduced waiver of minimal steadiness in all its financial savings accounts. The new rule is efficacious 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 financial institution mentioned in a observation.

This initiative establishes Canara Bank because the main Public Sector Bank (PSB) offering a real no-penalty for minimal steadiness requirement throughout all kinds of SB accounts. As a consequence, no SB buyer of Canara Bank will face consequences or charges for now not keeping up a minimal steadiness of their SB account, Canara Bank added.

Previously, consumers of the Bank needed to deal with a minimal Average Monthly Balance in accordance with their account kind. Failing to deal with those standards normally resulted in penalty fees. With this new coverage, all Canara Bank SB account holders will now revel in true “no penalty on minimum balance” for all SB accounts loose from any AMB-related consequences or charges.

“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 financial institution added.