Several major public sector banks have eliminated average monthly balance (AMB) requirements for savings accounts, providing significant relief to customers. Bank of Baroda waived charges on standard savings accounts from July 1, 2025, while Indian Bank followed suit on July 7, 2025. Canara Bank announced similar waivers in May 2025 for all savings account types, including NRI accounts.
Punjab National Bank has also removed penalties for failing to maintain minimum balances, previously calculated as a percentage of the shortfall. State Bank of India led this trend, waiving minimum balance requirements since 2020. Bank of India has similarly eliminated these penalties.
These initiatives aim to align with market dynamics, enhance financial flexibility, and deliver greater customer value across all segments.
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