Minimum Balance Waiver: Banks End Minimum Balance Hassle!

Minimum Balance Waiver: If you have a savings account in any bank, there is a very good update for you. Until now, all of you had to pay various types of fines for not maintaining a minimum balance in your account. But now, all banks have removed this rule of maintaining a minimum balance. Now, you can maintain any amount in your bank account, and you will not be charged any penalty.

For the information of all of you, let us tell you that State Bank of India, along with Punjab National Bank, Canara Bank, and many other government banks, have removed the rule of maintaining a minimum balance. According to the previous rule, all of you had to maintain a minimum balance in your account, and if you didn’t, you had to pay a penalty. Unknowingly, many times our bank account balance would drop, and the bank would start collecting penalties. But now, this rule has been removed.

Need for Minimum Balance in a Bank Account?

Generally, banks ask you to maintain a minimum balance in your bank account. This minimum maintenance balance can vary for different types of bank accounts. If the bank is providing you with various services completely free, in return, the bank wants you to maintain a minimum balance in your account. Sometimes, if our account balance falls below the minimum balance, the bank imposes various types of charges on our bank account.

Rule Implemented from 1 July 2025

Let us tell you all that from 1 July 2025, Punjab National Bank, Canara Bank, State Bank of India, and many other banks have removed the rule of maintaining a minimum balance. Earlier, when the minimum balance was not maintained, a penalty of ₹5 to ₹15 per day was imposed. But now, you will not have to pay any kind of penalty.