Bank Balance Charges: Savings Account Minimum Balance Fee Abolished By These 5 Banks, Including SBI
SBI has eliminated the average monthly balance that it had been charging since 2020. The savings account will no longer be charged even if the minimum balance requirements are not fulfilled.
Saving Account Charges: Many people struggle with the fact that the bank deducts the average minimum balance charge if there is no money in the account. Customers of savings accounts, however, don't have to worry anymore. Six large banks, including SBI, have recently eliminated the average monthly balance fee entirely. That is, the bank will no longer deduct any fees even if your account is still empty. Check below the banks that no longer charge a minimum balance.
Indian Bank: Indian Bank declared that the minimum balance fee would be eliminated entirely. On July 7, 2025, the average minimum balance fee for all savings account kinds was eliminated.
Bank of Baroda: Beginning July 1, 2025, Bank of Baroda will no longer charge all standard savings accounts for failing to meet the minimum balance requirements. On premium savings account plans, this fee hasn't been eliminated, though.
Punjab National Bank (PNB): Customers have also benefited from Punjab National Bank's removal of the minimum average balance fee for all savings account kinds.
Canara Bank: The minimum balance fee was eliminated by Canara Bank in May of this year for all savings account types, including standard savings accounts. Salary and NRI savings accounts are also included.
State Bank of India (SBI): State Bank of India has also abolished the average minimum balance that it had been charging since 2020. Which means that even if the savings account's minimum balance requirements are not fulfilled, there won't be any charges.
Fees imposed by banks for failing to maintain a certain average or minimum balance in a savings account are known as minimum savings account charges. These fees differ according to the bank, the type of account, and the branch's location (rural, urban, metro, etc.). The minimum balance requirements and related fees, which are frequently stated as a percentage of the required balance, vary from bank to bank.
Top Headlines
