 "BoB waives charges on non-maintenance of monthly average balance")
The state-owned lender, Bank of Baroda, announced a complete waiver on all charges for non-maintenance of the Monthly Average Balance (MAB) in its standard savings account schemes, effective 1 July 2025, the bank said in a press note.
Consequently, account holders will no longer incur penalties for MAB shortfalls.
At the same time, the bank also said that the waiver does not apply to premium savings account schemes.
Beena Vaheed, Executive Director of Bank of Baroda, said: “Removing minimum balance charges reflects Bank of Baroda’s ongoing commitment to our customers, making banking more accessible for all. It further strengthens our efforts to deliver inclusive, value-driven banking services to our customers.”