Punjab National Bank (PNB) has given a big relief to its customers. Now from July 1, 2025, there will be no penalty for not maintaining a minimum average balance in any savings account. This decision will benefit women, farmers and low-income people the most as now they will not have to worry about maintaining a minimum balance in the account.
PNB has become the second public sector bank in the country to do so. Earlier, Canara Bank had also removed the penalty for not maintaining minimum balance on all its savings accounts from June 2025. Now PNB customers will be able to operate their accounts on zero balance without any additional charges.
What is MAB (Minimum Account Balance)?
MAB means minimum average balance that a certain average amount will remain in your account during a month. If this does not happen then the bank charges a penalty. But now this will not happen in PNB and Canara Bank.
Which accounts will benefit?
All types of savings account holders including savings account, salary account and NRI savings account will benefit from this new facility. This will make access to banking services easier and more people will be able to open accounts as there will be no problem in maintaining minimum balance.
SMS and ATM transaction charges still continue
However, despite the removal of minimum balance penalty, PNB will still charge some other charges. For example, customers will be charged a nominal charge for SMS alert service. Which includes account transaction information, balance alerts and other updates.
Apart from this, 5 free transactions are given every month from PNB Debit Card, which includes cash withdrawal, balance enquiry etc. After this, a charge of Rs 23 will be charged on every additional transaction.
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