Archive · 1 Jun 2025
Canara Bank Eliminates Minimum Balance for Savings Accounts
Canara Bank is making it easier to bank!
Starting next year, June 2025, they're getting rid of the rule where you had to keep a certain amount of money in your account.
This means you won't be charged a fee if your balance drops below a certain level.
This applies to all types of savings accounts, including ones for regular people, those who get paid through the bank, and people living abroad.
Before this, you had to keep a minimum amount in your account, and if you didn't, you'd be charged.
Now, everyone can bank without worrying about these minimums, making it simpler for everyone to manage their money.
Canara Bank is eliminating minimum balance requirements for all savings accounts.
The new policy applies to regular, salary, and NRI accounts.
Customers will not face penalties for failing to maintain an average monthly balance.
The change begins on June 1, 2025.
This move makes Canara Bank the first major public sector bank to offer zero-balance accounts.
- Who
- Canara Bank savings account holders, including salaried employees, seniors, students, and NRIs.
- What
- Canara Bank is eliminating minimum balance requirements and associated penalties for its savings accounts.
- When
- Starting June 1, 2025.
- Where
- N/A
- Why
- To make banking more inclusive and accessible, removing penalties for not maintaining minimum balances.
- Bank
- Canara Bank
- Effective Date
- June 1, 2025
- Accounts Affected
- All savings bank accounts (regular, salary, NRI)
- Previous AMB Requirements
- Rs 2,000 (urban), Rs 1,000 (semi-urban), Rs 500 (rural)
- Benefit
- No penalty for not maintaining minimum balance