No Minimum Balance Required For These Top 4 Banks Savings Accounts

No Minimum Balance Required:

Several major banks in India have recently introduced measures to remove penalties associated with non-maintenance of a minimum balance in savings accounts. This shift aims to make banking services more accessible and affordable to all segments of society.

No Minimum Balance Required:

Indian Bank and Punjab National Bank Follow Suit

Indian Bank, in a customer-centric move, has eliminated all charges for non-maintenance of the Minimum Average Balance (MAB) in its savings accounts. This change, effective from July 7, 2025, is designed to foster financial inclusion and provide a more affordable banking experience. Punjab National Bank (PNB) announced on July 1, 2025, it has waived penalties on non-maintenance of MAB for all its savings accounts. This decision applies to all its account holders, allowing them to enjoy hassle-free banking without worrying about maintaining a minimum balance.

SBI’s Long-standing Zero-Balance Policy

The State Bank of India (SBI) led this initiative by removing penalties for not maintaining a minimum balance in March 2020. SBI customers now avoid minimum balance rules for regular savings accounts, making banking easier for those with fluctuating account balances.

Canara Bank Joins the Movement

Canara Bank, effective June 1, 2025, joined the list of banks offering zero balance maintenance. The bank now allows its customers to maintain any balance, removing the need to meet a specific minimum requirement.

Impact on Financial Inclusion

With these charges removed, customers no longer worry about penalties, helping them focus on saving money and managing their finances more effectively. Removing minimum balance penalties marks a commendable step toward financial accessibility. Other banks are likely to follow this move, creating a more inclusive and customer-friendly banking environment across India.

Disclaimer: These details are based on information from official sources and are not an endorsement of any particular bank or service.

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