Good News! Central Bank of India Removes Minimum Balance Charges in Saving Accounts

There is a good news for customers of Central Bank of India. The Bank has announced to remove minimum balance charges in savings accounts. The new rules will apply from July 1, 2025.

Central Bank of India said:

We’re thrilled to announce that Central Bank of India will be waiving penalties/charges for non-maintenance of minimum average balance in Saving Accounts with effect from July 1, 2025!

This initiative reflects our dedication to your financial well-being and satisfaction. It’s all part of our effort to make banking simpler and more accessible for everyone.

This decision will be highly beneficial for account holders, especially those from rural and low-income backgrounds, as they will not have to worry about maintaining a fixed minimum balance to avoid penalties. It is a customer-friendly move that promotes financial inclusion and makes banking more accessible and affordable for everyone.

What are the minimum balance charges?

Right now, the minimum balance charges in savings account are as follows:

• For Rural Branches: Rs. 500/-
• For Metro /Urban Branches: Rs.2000/-
• For Semi Urban Branches: Rs.1000/-

Earlier, Canara Bank had announced to remove minimum balance charges on saving accounts. Read: Canara Bank has removed Minimum Balance Charges from Savings Accounts, Now Customers Will have to Pay ZERO Charges