Banking: These 4 big banks gave a gift, now there will be no penalty for not maintaining a minimum balance in the account..

Average Monthly Balance (AMB) means that a fixed minimum amount should be maintained in the bank account every month. If this balance in the account falls below the prescribed limit, then the bank imposes a penalty. This penalty varies depending on different types of savings accounts.

Indian Bank
Now, Indian Bank has completely removed the condition of maintaining a minimum balance on all its savings accounts. That is, now customers will not have to pay any penalty for not maintaining the minimum balance. This new facility will come into effect from 7 July 2025.

SBI (State Bank of India)
SBI had already abolished the requirement of a minimum balance for all savings accounts in 2020. That is, even if there is no minimum balance in your account, there is no penalty.

Canara Bank

In May 2025, Canara Bank has also abolished the requirement of average monthly balance for all types of savings accounts like regular savings, salary account, and NRI savings account.

PNB (Punjab National Bank)

Now, PNB (Punjab National Bank) has also announced that it will not impose any penalty for not maintaining the minimum average balance (MAB) on all its savings accounts. Earlier in PNB, if a customer kept less than the prescribed balance, then a penalty was imposed according to the amount of the shortfall. That is, the greater the shortfall in the balance, the greater the penalty. Now with the facility of these banks, customers will not have to worry about maintaining extra money in their accounts.

Disclaimer: This content has been sourced and edited from TV9. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.