Canara Bank waives average monthly balance requirement across all Savings Bank accounts

In a major relief to various sections of customers including salaried class and senior citizens, Canara Bank has waived imposition of average monthly balance requirement for savings bank accounts

Hyderabad: Canara Bank has announced the complete waiver of the Average Monthly Balance (AMB) requirement across all Savings Bank account types, which includes savings accounts, salary accounts and NRI SB accounts. Effective June 1, this initiative ensures there is no penalty for minimum balance requirement across a wide variety of SB accounts. As a result, no SB customer of the bank will face penalties or fees for not maintaining a minimum balance in their SB accounts.

Previously, customers of the Bank had to maintain a minimum Average Monthly Balance based on their account type. Failing to maintain these criteria usually led to penalty charges. With this new policy, all Canara Bank SB account holders will now enjoy true “no penalty on minimum balance” for all SB accounts free from any AMB-related penalties or fees. This move is anticipated to benefit millions of Canara Bank customers, including salaried individuals, senior citizens, students, NRIs, and first-time users of banking services, facilitating everyday banking without penalties.