Until now, most banks charged a fee if customers failed to maintain a minimum balance in their accounts each month. But now, there’s good news from a major government bank.
Canara Bank has announced that customers will no longer have to pay any fee for not maintaining the minimum balance in their savings accounts. This change brings relief to many customers.
Effective From June 1, 2025
Canara Bank stated that this rule applies to all types of savings accounts, including regular savings accounts, NRI savings accounts, and salary accounts.
The new policy has come into effect starting June 1, 2025. Earlier, customers had to pay a penalty each month if they didn’t keep the required balance in their accounts.
This new rule is expected to benefit a lot of people, especially those who struggle to meet the minimum balance requirement and end up paying charges every month.
Rules Vary Between Banks
It’s important to note that each bank has its own rules for minimum balance requirements, depending on whether the account is in an urban, semi-urban, or rural area.
These rules also change from time to time. So, it’s a good idea to stay updated with your bank’s policies.
In some banks, if you don’t maintain the minimum balance, you might lose access to services like cheque books or net banking.
