Canara Bank has abolished the requirement to mintain minimum balance in all types of savings accounts from June 1, 2025. This means that customers will no longer face penalties for not maintaining the average monthly balance (AMB) in their accounts.
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Key Highlights:
Zero Balance Accounts: All savings accounts, including regular, salary, and NRI accounts, are now treated as zero balance accounts
No Penalty Charges: There are no charges for non-maintenance of minimum balance, providing greater flexibility to account holders
Inclusive Banking: The move aims to promote inclusive banking which will benefit salaried individuals, and citizens, students, NRIs and first-time banking users
Previously, the minimum balance requirements were ₹2,000 for urban/metro branches, ₹1,000 for semi-urban branches, and ₹500 for rural branches. With the new policy, these requirements have been waived, simplifying banking procedures for all customers
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Canara Bank, one of India’s oldest and most respected public sector banks, has long played a key role in shaping the country’s banking. With over a century of service and a pan-India presence, it has constantly evolved to meet the needs of its diverse customer base. One of the
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most significant policy changes in recent years has been the complete removal of the minimum balance requirement for all types of savings accounts. This chapter traces the evolution and impact of this important change in banking policy.
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