Earlier, if you did not keep enough money in your bank account, a minimum balance charge was deducted. This was a big problem for many people. Especially for those who had savings accounts, if they failed to maintain the average balance at the end of the month, the bank used to cut charges. But now, that pressure is going to reduce. Six government banks, including SBI, have made a big decision for their customers.
It is now confirmed that these six banks have announced that no penalty will be charged, even if customers do not maintain the minimum balance in their savings accounts. Because of this decision, many common people are feeling relaxed. This is also a big relief for people from weaker financial backgrounds.
Which Banks Are on the List?
First is Indian Bank. They have fully removed the minimum balance charge on all types of savings accounts from July 7, 2025. This rule is now active in all branches of the bank. Second is Bank of Baroda. From July 1, they have stopped charging any penalty for not keeping the minimum balance in standard savings accounts. However, this benefit is not for premium account holders.Third is Punjab National Bank. They have also announced that customers will not be charged if they fail to maintain the average balance in their savings accounts.Next is the State Bank of India (SBI). They have cancelled the rule made in 2020. Now, SBI customers can use their savings accounts without keeping a minimum balance.Fifth is again Bank of Baroda. Looking at the changing financial conditions, they repeated that this decision is helpful for common people. In their press release, they said this step is much needed for customers.Last is Canara Bank.
From May 2025, they have started this rule. Not only for normal savings accounts, but also for salary accounts and NRI savings accounts, the bank is giving this benefit.Many experts believe that these banks took this step to connect more middle and lower-income people with the banking system. After COVID-19, many people are still under financial stress. This decision is a big relief, and now there is no need to worry about maintaining a minimum balance.