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From SBI to Bank of Baroda to IOB: 8 banks that don’t penalise you for not meeting savings account minimum balance norms
- Written by ZeeBiz WebTeam
Published: Zee Business| Updated: Zee Business
Minimum balance waiver banks: For a long time, people were troubled by the pressure and penalty of maintaining a minimum balance, but now many big banks have abolished this rule. According to the latest information, a total of 8 big public sector banks have completely removed the requirement of maintaining a minimum balance on savings accounts. This means that now, no matter how much money you keep in your account or whether you keep it at all, you will not be charged any fee. But now, several major banks have eliminated this rule. Here's a list of eight public sector banks that have completely removed the minimum balance requirement on savings accounts.
1/11
What is Minimum Balance?
1/11A minimum balance is a certain amount that banks require customers to maintain in their savings accounts. This amount varies from bank to bank, and failure to maintain this amount usually results in a penalty.
2/11
Which banks have removed the minimum balance rule?
2/11The banks that have so far removed the minimum balance rule for their savings accounts include: State Bank of India (SBI), Union Bank of India, Bank of Baroda, Indian Bank, Canara Bank, Punjab National Bank (PNB), Bank of India, and recently added Indian Overseas Bank (IOB).
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Indian Overseas Bank (IOB)
3/11The latest addition to this list is the Indian Overseas Bank. On September 30, IOB announced that the minimum balance requirement for SB-Public accounts would be completely removed from October 1. However, premium accounts (like HNI, Prime, Privilege, etc.) are excluded from this waiver.
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Bank of Baroda
4/11Effective July 1, Bank of Baroda has waived the minimum balance requirement rule for all standard savings accounts. However, this exemption does not apply to premium savings plans.
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Indian Bank
5/11From July 7, Indian Bank has also abolished the minimum balance charge on all its savings accounts.
6/11
Canara Bank
6/11In May 2025, Canara Bank announced that the minimum balance rule will no longer apply to any of its accounts, including regular, salary and NRI accounts.
7/11
Punjab National Bank (PNB)
7/11Providing significant relief to its customers, PNB has also waived the penalty for non-maintenance of a minimum balance in any savings account.
8/11
State Bank of India (SBI)
8/11The country's largest bank, SBI, implemented this change in 2020, providing relief to millions of account holders.
9/11
Bank of India
9/11Citing customer welfare and the evolving financial scenario, Bank of India has also abolished the penalty for not maintaining a minimum balance.
10/11
Union Bank of India
10/11Effective from the September 2025 quarter, Union Bank removed the minimum balance requirement on all its general savings accounts.
11/11
Can an account balance go negative?
11/11No. The Reserve Bank of India (RBI) has instructed banks not to allow accounts to go negative. Even if your balance is zero, your account will not automatically be overdrafted.
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