File photo: Canara Bank
| Photo Credit:
Kesavan A N 1612@Chennai
Canara Bank has announced the complete waiver of the Average Monthly Balance (AMB) requirement across all savings bank (SB) account types, which includes savings accounts, salary accounts and NRI SB Accounts.
The waiver is effective from Sunday, June 1. With this, customers will have no penalty for minimum balance requirement across a wide variety of SB accounts.
Previously, customers of the Bank had to maintain a minimum average monthly balance based on their account type. Failing to maintain these criteria usually led to penalty charges.
This move is anticipated to benefit millions of Canara Bank customers, including salaried individuals, senior citizens, students, NRIs, and first-time users of banking services, facilitating everyday banking without penalties.
Published on June 1, 2025