Minimum balance is a big problem for the customers who have savings account in banks. Penalty has to be paid for not maintaining money up to the prescribed limit. Well, now 5 banks of the country have ended the hassle of minimum balance. These government banks have removed the requirement of maintaining Average Monthly Balance (AMB) in the savings account. Let’s know about them.
1- Bank of Baroda removed the rule from July 1
Bank of Baroda has announced that from July 1, 2025, there will be no charge for not maintaining minimum balance in all its standard savings accounts. However, this exemption will not apply to premium savings schemes.
2- Indian Bank changed the rule from July 7
Indian Bank has also completely removed the minimum balance charge for all its savings accounts. This new facility has come into effect from July 7, 2025. Now customers will not have to worry about low balance.
3- Canara Bank had announced in May
Canara Bank had announced in May 2025 that all its savings accounts will now be free from AMB rules, whether they are regular, salary accounts or NRI accounts. The bank has taken this step keeping in mind the convenience of the customers.
4- PNB also removed minimum balance charge
Punjab National Bank has also now abolished the penalty for not maintaining minimum balance on all savings accounts. Earlier in PNB, the penalty was levied in proportion to the balance deficiency, but now this will not happen.
5- SBI has already made this change
The country’s largest bank SBI has already removed the minimum balance rule for all savings accounts from 2020. Here too, no charge is levied if the balance is low.
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