Canara Bank has removed Minimum Balance Charges from Savings Accounts, Now Customers Will have to Pay ZERO Charges

Big News coming from Canara Bank! Canara Bank has removed minimum balance charges from all savings bank accounts. Canara Bank has waived the average monthly balance (AMB) requirement across all its savings bank accounts. It means all savings account holders can now maintain zero balance without penalties. Now, No customer of Canara Bank will face penalties or fees for not maintaining a minimum balance in their SB account.

This move is anticipated to benefit millions of Canara Bank customers, including salaried individuals, senior citizens, students, NRIs, and first-time users of banking services, facilitating everyday banking without penalties. Previously, customers of the bank had to maintain a minimum average monthly balance based on their account type.

Earlier, only SBI had waived off minimum balance charges whereas other Public Sector Banks were charging minimum balance charges from customers.

This new rule of Canara Bank will be applicable from 1st June 2025.

Right now, Canara Bank has imposed following minimum balance charges:

• Rs. 2000/- for Urban/Metro branches,
• Rs. 1000/- for Semi-Urban branches,and
• Rs. 500/- for Rural branches.

With the removal of charges, Canara Bank has provided a big relief to the customers.