Canara Bank Removes Minimum Balance Rule for All SB Accounts
In a major move aimed at promoting financial inclusion and customer convenience, Canara Bank has waived the minimum balance requirement across all its savings bank (SB) accounts, including regular savings, salary, and NRI accounts. This decision eliminates Average Monthly Balance (AMB)-related penalties, making Canara Bank the first major public sector bank in India to implement such a customer-friendly reform.
The news is significant as Canara Bank’s recent decision marks a major shift in traditional banking practices, especially for public sector banks. It reflects a growing trend toward inclusive and digital-first banking, enabling easier access for customers from various economic backgrounds, including students, salaried individuals, and rural account holders.
Summary/Static | Details |
Why in the news? | Canara Bank Removes Minimum Balance Rule for All SB Accounts |
Reform | Waiver of Average Monthly Balance (AMB) requirement |
Affected Accounts | All Savings Bank accounts (Regular, Salary, NRI) |
Purpose | To promote financial inclusion and customer convenience |
Founded | 1906, Mangalore |
Rural Branches (2025) | 3,139 out of 9,849 total |
International Branches | London, New York, Dubai, GIFT City |
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