Big Relief for SBI, PNB, Indian Bank & Canara Bank Account Holders : If you too used to worry about maintaining a minimum balance in your bank account, then there is a relief news for you. Now you can get rid of this worry. Four major government banks of India have abolished the rule of maintaining minimum balance in their savings accounts. This will provide great relief to millions of customers, especially students, senior citizens and people of small towns.
Big Relief for Bank Account Holders
These four major banks include State Bank of India (SBI), Indian Bank, Canara Bank and Punjab National Bank (PNB). These banks have made it clear with this decision that now there will be no need to maintain a minimum balance for savings accounts. Also, if you have less balance in your account, then you will not have to pay any penalty.
Good News for SBI Customers : No Penalty for Low Balance
State Bank of India (SBI) had already abolished the requirement of minimum balance on savings accounts in 2020. After this, all the savings account holders of SBI got relief, as now they are not required to maintain any minimum balance in the account.
Earlier, if the balance of the customers fell, then they were charged a penalty. But after this change, now SBI customers can use their amount without any worry, whether their balance is less or more.
Indian Bank Removes Penalty for Low Balance in Savings Account
Now Indian Bank has also abolished this rule, giving relief to its savings account holders. According to the officials of Indian Bank, now those holding savings accounts in Indian Bank will not be required to maintain any minimum balance.
This decision will prove to be a great convenience for the customers of the bank, as now they will not have to struggle to deposit a particular amount by the end of the month.
Good News for Canara Bank Customers
Canara Bank announced in May 2025 that now all its savings accounts – be it regular, salary account or NRI account – will not require a minimum balance. The bank also clarified that now customers will also get relief from the penalty charges levied on them.
This will especially benefit the customers of small towns and rural areas, where the monthly income is not so high that they can maintain the minimum balance regularly.
Big Relief for Punjab National Bank Account Holders
Punjab National Bank (PNB) has also recently announced that now if PNB customers do not maintain the minimum average balance (MAB), then no penalty will be taken from them. Earlier in PNB, this penalty was imposed according to the shortfall, that is, the lesser the balance, the higher the charge. But now after this new decision, PNB customers will be free from this type of charge.
Bank Minimum Balance Rule Changed
This step will bring relief to millions of customers, especially those for whom it was difficult to maintain the minimum balance regularly in the bank account. This decision will prove to be very beneficial for students, senior citizens and people of small towns. This decision will be a great boon for students especially as they will be able to keep their small savings in their account without any worries.
Additionally, this change will also benefit those who run small businesses and have limited funds. They will no longer be under pressure to maintain a specific balance till the end of the month.
