Canara Bank waives all charges for non-maintenance of minimum balance

Canara Bank, on Saturday, announced a complete waiver of charges for non-maintenance of minimum balance in all savings bank accounts, the bank said in a press release.

 

Effective June 1, customers are no longer to pay a penalty for not maintaining minimum balance requirements in their savings account. Previously, customers of the Bank had to maintain a minimum Average Monthly Balance based on their account type. “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,” it said.

 

This move is anticipated to benefit millions of Canara Bank customers, including salaried individuals, senior citizens, students, non-resident individuals, and first-time users of banking services, facilitating everyday banking without penalties.