Minimum Balance: Most of the customers who have a savings account in banks used to worry about the minimum balance. If the money in the account is less than the prescribed limit, then the bank used to impose a huge penalty, which caused a lot of trouble to the customers. But now there is some good news.
The 5 big banks of the country have ended this hassle of minimum balance forever. These government banks have abolished the requirement of maintaining Average Monthly Balance (AMB) in the savings account. Let us know which of these banks have given this big relief to their customers and when these new rules have come into effect.
Freedom from the worry of a minimum balance
This is a historic change that will directly affect crores of bank customers and make them experience financial freedom:-
Bank of Baroda
Bank of Baroda has announced that from July 1, 2025, there will be no charge for not maintaining the minimum balance in all its standard savings accounts. This move is a big relief for millions of customers of the bank, so that they will no longer have to worry about maintaining a certain amount in the account at all times. However, this exemption will not apply to Premium Savings Schemes, so be sure to check your account type.
Indian Bank
Indian Bank has also completely removed the minimum balance fee for all its savings accounts. This new facility has become effective from July 7, 2025. Now Indian Bank customers will not have to worry about having a low balance, and they will be able to keep money in their accounts as per their needs.
Canara Bank
Canara Bank had announced in May 2025 that all its savings accounts will now be exempted from AMB rules. This includes regular accounts, salary accounts, and even NRI accounts. The bank has taken this step, keeping in mind the convenience of the customers, so that they can manage their savings without any additional charges.
Punjab National Bank (PNB)
Punjab National Bank has also now abolished the penalty for not maintaining a minimum balance on all savings accounts. Earlier, there was a penalty for a lack of balance in PNB, due to which customers often had to suffer losses. This change is a big relief for PNB customers and gives them the freedom to operate their accounts without any stress.
State Bank of India (SBI)
The country’s largest bank, the State Bank of India (SBI), had made this big change in 2020 itself. SBI had removed the minimum balance rule from all its savings accounts. Here, too, no charges are levied for a low balance. SBI played a leading role in this matter, which directly benefited crores of customers.