Bank Customers: Good news for government bank customers. Indian Bank is eliminating the requirement of minimum balance in savings bank accounts.
The bank has announced that it is eliminating the requirement of minimum balance in savings bank accounts from July 7, 2025. Let us tell you that earlier Punjab National Bank has made a similar announcement. In a post on social media platform X (formerly Twitter), the official account of the bank wrote that the decision is aimed at improving financial inclusion, access and affordability for customers.
What is the detail
A graphic in the post reads, “Your money, your rules. No minimum balance, no penalty. 0% effective July 7, 2025.” “Public Announcement: In an important customer-focused initiative we are happy to announce complete waiver of minimum balance charges across all our savings bank accounts, effective July 7, 2025,” the bank wrote. It added: “The move is aimed at promoting financial inclusion and making banking more accessible and affordable to all sections of society. Indian Bank is committed to providing the best service to its customers. Terms and conditions apply.”
What did PNB say
Let us tell you that on July 1, Punjab National Bank said that it has waived the penalty charges for not maintaining the minimum average balance (MAB) in savings accounts. Also, in a post on X, it wrote: “From July 01, 2025, enjoy hassle-free banking without any penalty charges for not maintaining the minimum average balance in all savings account schemes.” Explaining this decision, PNB MD and CEO Ashok Chandra said that it reflects the bank’s “unwavering commitment to inclusive banking”. He said, “We believe that waiving these charges will reduce the financial pressure on customers and promote greater participation in the formal banking ecosystem.”
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