Good News for Canara Bank Customers, No More Hassle of Maintaining Minimum Balance

Canara Bank: If you have an account with Canara Bank, there is very good news for you. On Sunday, May 31, 2025, Canara Bank issued an update. According to this update, the rule of maintaining a minimum balance in your bank account has been removed. No Canara Bank customer will now face any kind of charge or penalty for not maintaining a minimum balance in their account. This rule has been implemented on all types of savings accounts. In this way, Canara Bank is the first bank to abolish the minimum balance rule.

Benefits from June 1, 2025

Canara Bank has decided to remove any kind of penalty or fine for maintaining zero balance in all its customers’ savings accounts. Crores of bank account holders across the country can now take advantage of this. Now you can easily use whatever minimum balance you have maintained in your account. Regarding this, Canara Bank shared a post stating that after June 1, 2025, no penalty will be imposed for maintaining minimum balance in any way. All savings bank account holders will receive this benefit.

Maintaining Minimum Balance Was Necessary Earlier

Speaking of earlier times, customers who had a bank account with Canara Bank in cities were required to maintain a minimum of ₹2000 in their account, while in rural areas, maintaining a minimum balance of ₹500 was necessary. If customers were unable to maintain this balance in any way, they faced various fines, due to which their bank account sometimes went into negative balance. But with the new rule issued by Canara Bank, students, women, senior citizens, and people from low-income groups will benefit significantly.

For your information, let us tell you that Canara Bank is among the major public sector banks in India and is continuously providing banking services to customers. Speaking of the financial year 2025, the bank’s total profit was ₹17,692 crore, and its total income was ₹1.21 lakh crore.