No Tension if Zero Balance; 'These' Banks Changed their Rules

Each bank has its own set of rules. Accordingly, each bank continues its daily operations. Now, people with savings accounts in banks will get relief from one rule. Five major public sector banks in India have now removed the minimum balance maintenance requirement on savings accounts. As a result, account holders of these five banks will no longer have to worry about maintaining a minimum balance in their savings accounts.

Banks in the country adopt various facilities to attract customers. Almost all banks ask their account holders to maintain a minimum balance in their accounts. If this minimum balance is not maintained, a penalty is charged by the banks every month. However, now five major banks have completely abolished the charges levied on the minimum balance. This means that even if the savings account of the bank's account holders remains empty, no charges will be levied on those customers.

Indian Bank, State Bank of India, Canara Bank, Bank of Baroda, and Punjab National Bank have completely abolished the minimum balance charge. Canara Bank had already revoked this rule for its customers in May. The other four banks have revoked this rule from July. As a result, account holders of these five banks will not have to pay any penalty even if there is no balance in their accounts.