Canara Bank has taken a very important and relief decision for its customers. Giving relief to all its customers on Sunday, the bank announced to completely abolish the penalty for not maintaining a minimum balance in the savings account. Yes, this new rule of the bank has come into effect from June 1, 2025.

Canara Bank has implemented this rule on all its savings accounts for its customers. In this decision that will make people happy, no one will have to pay a penalty in zero balance, be it a regular account, salary account, or NRI account.

Canara became the first bank.

By the way, with this one decision, Canara Bank has become the first major public sector bank in our country which has started giving the facility of 'Zero Balance Savings Account' to all its customers without any minimum balance penalty.

Bank gave information

The bank itself shared this information with the customers on X. It was written on the X that “Feel the freedom, bank the difference. From June 1, 2025, there will be no penalty for not maintaining the minimum balance in Canara Bank.

What was the earlier rule of the bank?

Till now, the account holders of the bank were required to maintain an average monthly balance (AMB) of ₹ 2000 in urban branches, ₹ 1000 in semi-urban branches and ₹ 500 in rural branches, customers had to pay a penalty for not maintaining this balance.

But now under this new rule issued by the bank, even if there is no minimum balance in any category of savings account, customers will not have to pay any kind of penalty.

Disclaimer: This content has been sourced and edited from Zee Business. 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.