Indian bank: Indian Bank involved in the count of big public sector banks of the country has given relief to its crores of customers. Now the bank will not deduct the charge for not maintaining a minimum balance amount. Now customers will not be compelled to maintain minimum balance. Indian Bank has announced to completely eliminate minimum balance charges on all its savings accounts since 7 July 2025. That is, now even if the minimum amount fixed in your account is not there, the bank will not impose any fine.
Customers in rural areas will benefit
This decision of Indian Bank will benefit students, senior citizens, small traders and customers in rural areas. More and more people will be able to connect with the banking system. The bank aims to make banking easy and economical for all.
What is Mab?
MAB is the average amount that customers have to maintain their savings account every month. If the customer does not maintain this balance, then the bank puts penalty. Now this penalty will not be installed from now on.
Canara Bank and PNB also take a big step
Prior to the Indian Bank, Canara Bank and Punjab National Bank (PNB) have also removed the fine for not having minimum balance on all their savings accounts. Canara Bank first removed the condition of the average monthly balance (Amb) for all types of savings accounts. PNB finished the penalty charge on all its savings accounts from 1 July 2025 for not placing MAB.
Loan customers are also relieved
Indian Bank has given relief not only to those with savings account, but also to loan customers. The bank has cut 0.05% in 1 year MCLR i.e. Marginal Cost of Funds based lending rate, ie 5 basis points. Now the new MCLR has increased to 9.00%, which has come into force today from 3 July 2025. This will reduce loan interest rates and EMI will also be low.
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