Are you often worried about maintaining the minimum balance in your bank account? Now there is a relief news for you. Many big government banks have given a big relief to their customers by eliminating the charge for not maintaining the minimum balance in the savings account
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Average Monthly Balance: Average Monthly Balance (AMB) is the minimum balance that a customer is required to maintain in his bank account. If the amount in the bank account is less than the minimum balance, then the bank imposes a penalty for failing to maintain AMB. The penalty varies depending on the type of savings account. But now many major banks of the country have given a big relief to their savings account holders by announcing the abolition of the requirement of Average Monthly Balance (AMB). This step will benefit those customers who were unable to maintain the minimum balance and were charged for it. This change is considered to be an important step towards making banking more easy.
Indian Bank
Indian Bank has recently announced that it will completely remove the minimum balance requirement on all savings accounts from July 7, 2025. The decision is aimed at reducing the financial burden on customers and making banking services accessible to all. This move will be especially beneficial for customers who use their accounts for small transactions.
State Bank of India (SBI)
State Bank of India (SBI) had already removed the minimum balance requirement from all its savings accounts in 2020. Under this policy, customers no longer face any penalty for falling short of balance. SBI’s move reflects a customer-centric approach, which has provided relief to millions of account holders.
Canara Bank
Canara Bank also announced the removal of the average monthly balance requirement for all its types of savings accounts, such as regular savings accounts, salary accounts and NRI savings accounts, in May 2025. This initiative has further increased the popularity of the bank among customers, as they now have the freedom to use their account without worrying about the minimum balance.
Punjab National Bank (PNB)
Punjab National Bank (PNB) has also decided to do away with the minimum average balance (MAB) requirement in all savings accounts. Earlier, PNB used to charge a penalty based on the lack of minimum balance. This new decision will provide financial flexibility to the customers and improve the banking experience.
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