No more penalties for non-maintenance of minimum balance in Canara Bank SB accounts

Bengaluru: Canara Bank, one of India’s leading public sector banks, in a landmark move, has announced the complete waiver of charges for Non-Maintenance of minimum balance for all SB account types, which includes Savings Accounts, Salary Accounts, and NRISB Accounts among others.

Effective June 1, 2025, this initiative establishes Canara Bank as the leading Public Sector Bank (PSB) providing a genuine no-penalty for minimum balance requirement across a wide variety of SB accounts.

As a result, no SB customer of Canara Bank will face penalties or fees for not maintaining a minimum balance in their SB account.

Previously, customers of the bank had to maintain a minimum Average Monthly Balance (AMB) based on their account type. Failing to maintain these criteria usually led to levy of 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.