Canara Bank Removes Minimum Balance Rule for All SB Accounts

Canara Bank Removes Minimum Balance Rule for All SB Accounts:

Canara Bank has waived the minimum balance requirement across all its savings bank (SB) accounts, including regular savings, salary, and NRI accounts. This decision eliminates Average Monthly Balance (AMB)-related penalties, making Canara Bank the first major public sector bank in India to implement such a customer-friendly reform.The news is significant as Canara Bank’s recent decision marks a major shift in traditional banking practices, especially for public sector banks. It reflects a growing trend toward inclusive and digital-first banking, enabling easier access for customers from various economic backgrounds, including students, salaried individuals, and rural account holders.