Archive · 2 Jul 2025
PNB Waives Penalties for Low Savings Account Balances
PNB, a bank, has decided to stop charging fees if you don't keep a certain amount of money in your savings account.
Before, they would charge you if your balance was too low.
These fees varied.
The change started on July 1 and applies to everyone with a PNB savings account.
The bank hopes this will make banking easier, especially for those with lower incomes, women, and farmers, by reducing financial stress and encouraging more people to use banks.
The Reserve Bank of India supports these types of changes.
Punjab National Bank (PNB) has waived penalties for not maintaining minimum savings account balance.
The new rule, effective July 1, applies to all PNB savings accounts.
Previously, PNB charged penalties between ₹10 and ₹2,000 based on account type and location.
The move aims to strengthen financial inclusion and support priority segments.
PNB's MD & CEO, Ashok Chandra, stated the waiver eases financial pressure on customers.
- Who
- PNB customers.
- What
- PNB has waived penalties for not maintaining minimum balance in savings accounts.
- When
- Effective July 1, 2025
- Where
- Across all PNB locations.
- Why
- To strengthen financial inclusion and customer empowerment.
- Bank
- Punjab National Bank (PNB)
- Effective Date
- July 1, 2025
- Affected Accounts
- All savings accounts
- Previous Penalty Range
- ₹10 to ₹2,000
- Reason for Change
- Financial inclusion and customer empowerment
- PNB CEO
- Ashok Chandra