New Delhi, June 1 -- State-owned Canara Bank announced that, effective Sunday, 1 June 2025, the institutional lender has waived the average monthly balance (AMB) requirement for all types of savings bank accounts.

According to Mint's earlier report, this means that customers will not be charged for failing to maintain the minimum balance requirement for all savings accounts from 1 June 2025.

A minimum average monthly balance is the lowest amount that a customer has to keep in their account every month; failure to do so will attract additional penalties.

"With this new policy, all Canara Bank SB account holders will now enjoy true 'no penalty on minimum balance' for all SB accounts, free from any AMB-related penalties or fees," said the...