Canara Bank has given a very good news to its customers. Yes, on June 1, Canara Bank has announced that now the compulsion to maintain minimum balance in its savings accounts has been abolished. That is, if the customer does not have the minimum balance in his account, then no penalty will be charged.
Bank Savings Account: Canara Bank has taken a very important and relieving decision for its customers. Giving relief to all its customers on Sunday, the bank has announced to completely abolish the penalty for not maintaining the minimum balance in the savings account. Yes, this new rule of the bank has come into effect from June 1, 2025.
Canara Bank has implemented this rule on all its savings accounts for its customers. This decision has brought happiness to the people. Whether it is a regular account, salary account or NRI account, no one will have to pay penalty for zero balance.
Canara Bank became the first bank to do so
By the way, with this decision, Canara Bank has become the first big public sector bank of our country which has started providing the facility of ‘Zero Balance Savings Account’ to all its customers without any minimum balance penalty.
Bank gave information
The bank itself shared this information with the customers on the exchange. It was written on the exchange that “Feel the freedom, bank the difference. From June 1, 2025, there will be no penalty for not maintaining the minimum balance in Canara Bank.
Feel the freedom, bank the difference.
Starting 1st June 2025, Canara Bank offers no penalty on non-maintenance of minimum balance.
Applicable to all Savings Bank Account holders!#CanaraBank #YourAccountYourFreedom #PenaltyWaiver pic.twitter.com/fAALUO80MZ
— Canara Bank (@canarabank) June 1, 2025
What was the earlier rule of the bank?
Till now, the account holders of the bank were required to maintain an average monthly balance (AMB) of ₹2000 in urban branches, ₹1000 in semi-urban branches and ₹500 in rural branches. Customers had to pay a penalty for not maintaining this balance.
But now under this new rule issued by the bank, customers will not have to pay any penalty even if there is no minimum balance in any category of savings account.
Who will be affected?
Many people are happy with this decision of Canara Bank. Students, working people, senior citizens, NRIs and new account holders can get direct and big benefit from this decision of the bank.
