Canara Bank News: in a landmark move, Canara Bank has officially become the first major public sector bank in India to eliminate average monthly balance (AMB) requirements for all savings bank accounts, offering millions of account holders the freedom to maintain zero balance without facing penalties. This bold step by Canara Bank is aimed at promoting financial inclusion and improving customer convenience, especially for those who struggle to maintain a minimum balance in their accounts.
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What This Means for Canara Bank Customers
Starting June 1, 2025, all savings account holders including those with salary accounts and NRI savings bank (SB) accounts can enjoy banking without worrying about AMB-related penalties. Whether you’re a student, a senior citizen, a salaried employee, or a first-time account holder, this policy ensures you can bank freely without hidden charges or balance stress.
Canara Bank announced,
Prior to this update, customers were required to maintain a certain average monthly balance depending on their account type. Failing to meet this requirement often resulted in penalty charges or maintenance fees. Now, with this forward-looking policy, all Canara Bank savings account holders are free from these obligations.
Who Benefits from This Update?
The complete AMB waiver will benefit a large number of customers, including:
- General savings account holders
- Salary account holders
- NRI SB (Non-Resident Indian Savings Bank) account holders
- Students, pensioners, and low-income individuals
This change will also attract new customers who are looking for hassle-free banking options without the pressure of maintaining a minimum balance.
A Game-Changer in Indian Banking
By removing AMB charges across the board, Canara Bank is setting a new standard for public sector banks. This move reflects a customer-first approach, focusing on accessibility, transparency, and ease of banking. It also aligns with India’s vision of inclusive banking, ensuring that even the most economically vulnerable citizens can access formal banking without financial strain. With this decision, Canara Bank strengthens its position as a digitally progressive, customer-centric PSU bank, and opens the doors to simpler, penalty-free savings for millions of Indians.
Key Takeaways:
- No AMB requirement across all Canara Bank savings accounts
- Effective from June 1, 2025
- Applies to general, salary, and NRI SB accounts
- Promotes financial inclusion and zero-balance banking
- Removes all penalty fees related to minimum balance
This move makes Canara Bank a standout choice for anyone seeking a zero-balance savings account without the worry of hidden charges.
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