Canara bank minimum balance: After State Bank of

After State Bank of India (SBI) and Canara Bank , state-owned Punjab National Bank (PNB) will also no longer charge penalties for failing to maintain the minimum average balance (MAB) in all savings accounts. PNB has also reduced the interest rates on savings accounts across all balance slabs. In a major move aimed at promoting financial inclusion and customer convenience, Canara Bank has waived the minimum balance requirement across all its savings bank (SB) accounts, including regular savings, salary, and NRI accounts. This decision eliminates Average Monthly Balance (AMB)-related penalties, making Canara Bank the first major public sector bank in India to implement such a customer-friendly reform. Canara Bank , effective Sunday, 1 June 2025, removed the minimum balance requirements for all its savings accounts. (Bloomberg) In a major relief for millions of bank customers, Canara Bank , one of India’s leading public sector banks, has taken a customer-friendly decision that will change the way people manage their savings accounts. The bank has officially removed the requirement to maintain a minimum balance in savings accounts. This step is seen as a progressive move to make banking more accessible and stress-free for everyone.