Public sector Canara Bank has given a gift to its customers from June 1. The bank has announced to completely eliminate the need for average monthly balance (Amb) in all types of savings accounts. This means that even if the minimum balance deposited in the bank’s savings account is reduced, no penalty will be imposed on the account holder. Savings accounts will be included in this exemption, ie savings account, salary account, NRI savings account etc.
The bank said in a statement that the order has become effective from June 1, 2025. Any savings account of Canara Bank will not have to face penalty for not maintaining a minimum balance in his account. Earlier, bank customers had to retain minimum average monthly balance based on their account type. If this did not happen, a fine was imposed.
The new policy is expected to benefit millions of customers of Canara Bank, including salaried persons, senior citizens, students, overseas Indians (NRIs) and first for the first time banking services.