Major banks abolish minimum balance rule for savings accounts
Good news if you hate keeping track of your bank balance—several big public sector banks in India have dropped the minimum average monthly balance (AMB) requirement for savings accounts.
Now, you won't get hit with penalty fees just for letting your account dip low.
This change is especially helpful for folks in rural and semi-urban areas, making banking a bit less stressful.
These banks have eliminated the average monthly balance requirement
Bank of Baroda stopped non-maintenance charges on regular savings accounts from July 1 (premium accounts not included).
Indian Bank followed on July 7, covering all types of savings accounts.
Canara Bank did it back in May for regular, salary, and NRI accounts.
Punjab National Bank has also joined in, and State Bank of India actually led the way by scrapping this rule back in 2020.
All together, these changes mean more freedom—and fewer worries—when managing your money.