Are you not able to maintain the minimum balance in your bank account every month? If you are worried about getting a penalty every time, then now you are going to get relief.
Many big government banks of the country have abolished the charge for not maintaining the minimum balance in the savings account. Let us know which banks are providing this facility now and how to get its benefit.
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Union Bank of India
Union Bank of India has announced that from the September 2025 quarter, there will be no charge for not maintaining the minimum balance on normal savings accounts. The bank has given this information in a press release. That is, even if your balance goes below the prescribed limit, money will not be deducted.
Bank Of Baroda
Bank of Baroda has also waived the charge for non-maintenance of minimum balance on all its standard savings accounts from July 1, 2025. However, keep in mind that this exemption will not apply to premium savings account schemes.
Indian Bank
Indian Bank has also completely abolished the minimum balance charge on all savings accounts. This facility has come into effect from 7 July 2025.
Canara Bank
Canara Bank had given this facility in May 2025 itself. Now there will be no penalty for not maintaining minimum balance on its regular savings account, salary account and NRI account.
State Bank of India (SBI)
SBI has already been at the forefront in this matter. From 2020 itself, SBI had abolished the condition of minimum balance on all savings accounts. That is, SBI account holders have been relieved of this tension for the last several years.
bank of india
Bank of India has also recently completely removed the penalty for not maintaining minimum balance on savings accounts. The bank says that this will provide more convenience to the customers and increase financial flexibility.
What is AMB?
AMB i.e. Average Monthly Balance is the minimum average balance that you have to maintain in your bank account every month. If the balance goes below this, till now banks used to charge a penalty. But now many banks are removing this condition, which will give great relief to the customers.
If you have a savings account in these banks, then now you do not have to worry about the balance every month. This change is especially beneficial for those who live in small towns or villages or whose income is limited.
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