New Delhi, June 1 -- State-run Canara Bank has announced the complete waiver of the average monthly balance (AMB) requirement across all savings bank account types, including savings accounts, salary accounts, NRI savings accounts and others.

Hence, no penalty will be charged for not maintaining the minimum balance requirement for all savings accounts from June 1, 2025 onwards.

The minimum average monthly balance is the lowest amount that must be maintained in a savings account throughout the month to avoid a penalty. Banks establish specific requirements depending on the type of account and the location of the branch.

Earlier, customers of Canara Bank were required to maintain a minimum average monthly balance based on their account t...