Canara Bank: Gift to customers! No penalty will be levied even if the balance in the account is zero..

There is a relief news for bank account holders. The country's leading government bank, Canara Bank, has given a big gift to all its savings account holders. Now there will be no need to maintain a minimum balance in the accounts. There will be no penalty or charge even if there is no money in the account. This change has come into effect from today. With this decision, Canara Bank has become the first major public bank in the country, which has completely abolished the requirement of Average Monthly Balance (AMB) on all types of savings accounts.

Now if the customer wants, he can operate his account even on zero balance and he will not have to pay any penalty. This rule will apply to normal savings accounts, salary accounts, and NRI savings accounts. That is, there will be no obligation to maintain a minimum balance in these accounts. This step will not only protect the customer's money but will also inspire them to connect with digital banking and services without any hesitation.

Earlier, a penalty was imposed.

Until now, customers had to maintain a minimum balance in their accounts every month. If this was not done, the bank would charge an additional fee. But now this requirement has been removed. “This initiative makes us the leading public sector bank in the country to offer a truly penalty-free savings account.” This decision will benefit students, senior citizens, low-income groups, rural account holders, and first-time banking users the most.

Kotak Mahindra Bank hikes credit card charges.

From today, Kotak Mahindra Bank is cutting rewards and increasing interest rates on its credit cards. The value of each point on Kotak Royal, League, and Urban cards has now been reduced from 10 paise to 7 paise. The reward value of Kotak 811 cards has been reduced from 25 paise to 10 paise and that of Infinite cards from ₹1 to 70 paise. Also, the interest rate has been increased from 3.50% to 3.75%.

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