Union Bank of India waives charges for non-maintenance of minimum balance

Union Bank of India waives charges for non-maintenance of minimum balance in general savings accounts, effective from September quarter-end, to support inclusivity

Union Bank of India has announced a complete waiver of charges for not maintaining the minimum balance in general savings deposit accounts, effective from the quarter-ending September, the bank said in a press note.

 

“This move is aimed at ensuring uniformity, fairness, and enhancing accessibility of basic banking services to customers. We are committed to supporting inclusive growth and believe this step will further strengthen our engagement with the underserved segment of the population,” the bank said. However, the waiver is not applicable to other customized products of savings accounts. 

 

Earlier, the charges for non-maintenance of minimum balance in accounts opened under the Pradhan Mantri Jan Dhan Yojana, and savings accounts of pensioners and senior citizens were already removed.

 

Previously, several other banks, such as State Bank of India (SBI), Indian Bank, Canara Bank, Punjab National Bank, and Bank of Baroda, had waived charges for not maintaining minimum balance in savings accounts.