The Canara bank formally eliminated the penalty for failing to maintain a minimum amount in savings accounts beginning june 1 on sunday to better serve its customers. customers who have any kind of savings account with Canara bank will no longer be penalized or charged for not keeping a minimum amount as a result of this decision. All types of savings accounts are subject to the new regulation.
The first significant public sector bank to do away with the minimum balance requirement universally is Canara Bank. This implies that there are no longer any fees associated with account holders keeping their savings accounts at zero balance.
Millions of savings account customers are anticipated to gain from this measure since it will enable them to use their whole account balance for transactions without fear of fines.
"Canara bank will not charge a penalty for failing to maintain the required balance as of june 1, 2025. All holders of savings accounts are affected by this," the bank stated in a statement posted on social media site X.
"With this new policy, all Canara bank savings bank account holders will now enjoy true 'no penalty on minimum balance' for all savings bank accounts free from any average monthly balance-related penalties or fees," stated the statement.
A minimum balance of Rs 2,000 in urban areas, Rs 1,000 in semi-urban areas, and Rs 500 in rural areas was previously required of Canara bank customers. There would be consequences if these levels weren't met.
Students, women, senior persons, and members of low-income groups are among the many customers who stand to gain from this move. One of the biggest public sector banks in india is Canara Bank. The bank recorded earnings of Rs 31,496 crore and a profit of Rs 5,111 crore for the march quarter (Q4) of FY25.
In FY25, the bank's total revenue was Rs 1.21 lakh crore, and it made a net profit of Rs 17,692 crore.
The first significant public sector bank to do away with the minimum balance requirement universally is Canara Bank. This implies that there are no longer any fees associated with account holders keeping their savings accounts at zero balance.
Millions of savings account customers are anticipated to gain from this measure since it will enable them to use their whole account balance for transactions without fear of fines.
"Canara bank will not charge a penalty for failing to maintain the required balance as of june 1, 2025. All holders of savings accounts are affected by this," the bank stated in a statement posted on social media site X.
"With this new policy, all Canara bank savings bank account holders will now enjoy true 'no penalty on minimum balance' for all savings bank accounts free from any average monthly balance-related penalties or fees," stated the statement.
A minimum balance of Rs 2,000 in urban areas, Rs 1,000 in semi-urban areas, and Rs 500 in rural areas was previously required of Canara bank customers. There would be consequences if these levels weren't met.
Students, women, senior persons, and members of low-income groups are among the many customers who stand to gain from this move. One of the biggest public sector banks in india is Canara Bank. The bank recorded earnings of Rs 31,496 crore and a profit of Rs 5,111 crore for the march quarter (Q4) of FY25.
In FY25, the bank's total revenue was Rs 1.21 lakh crore, and it made a net profit of Rs 17,692 crore.
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