Synopsis: In a customer-friendly move, Canara Bank has announced a complete waiver of the minimum balance requirement across all savings account types starting June 1, 2025. This step will eliminate penalties and boost financial inclusion.
 "Canara Bank Scraps Minimum Balance Rule for All SB Accounts from June 1 — What It Means for You!")
In a significant move that’s set to benefit millions of account holders, Canara Bank has announced the waiver of the Average Monthly Balance (AMB) requirement for all its Savings Bank (SB) account variants, including Regular Savings, Salary Accounts, and NRI SB Accounts. The policy comes into effect from June 1, 2025.
Previously, Canara Bank customers were required to maintain a minimum average balance depending on the type of SB account they held. Failure to meet the AMB criteria would attract penalty charges. But from now on, no penalties or fees will be levied for non-maintenance of the AMB — making everyday banking more accessible and stress-free.
Who Benefits?
This change will benefit:
- Salaried individuals
- Students and first-time account holders
- Senior citizens
- Non-Resident Indians (NRIs)
- Low-income groups
In a statement, the bank said:
"This initiative establishes Canara Bank as the leading PSB offering true no-penalty banking across all savings account types, helping foster financial inclusion and encourage wider participation in the banking system."
The move also aligns with the broader vision of Digital India and Jan Dhan Yojana, by making banking services more inclusive and customer-centric.
Disclaimer: This article is for informational purposes only. Readers are advised to refer to the official Canara Bank website or contact their branch for specific account details and terms.
