Union Bank of India waives charges for non-maintenance of minimum balance: Check list of other banks here

Union Bank of India has now waived off charges for non-maintenance of minimum balance in general savings accounts effective from the September quarter, according to a press release from the bank.

The average monthly balance (AMB) is the minimum balance that a customer is required to maintain in his/her bank account. If the balance in the bank account falls below the required amount, then banks levy a penalty for failing to maintain the AMB. The penalty varies based on the type of savings account.

Bank of Baroda has waived charges on non-maintenance of minimum balance in all standard savings accounts, with effect from July 1, 2025. With this, customers will not incur any charges for any shortfall in the monthly average balance in their savings accounts. Note that the waiver is not applicable on premium savings account schemes.

Indian Bank waived off minimum balance criteria and it has announced the complete waiver of minimum balance charges across all savings bank accounts. This will be effective from July 7, 2025.

In May 2025, Canara Bank also announced a waiver of the average monthly balance requirement for all types of savings bank accounts, including regular savings accounts, salary accounts, and NRI savings accounts.

State Bank of India (SBI) has waived off the requirement for maintaining a minimum balance in all savings accounts since 2020; there is no penalty if the minimum balance in the savings account is not maintained.

Bank of India has waived off minimum-balance penalties on savings accounts. These changes are aimed at aligning with market dynamics, enhancing financial flexibility, and delivering greater value to customers across segments, as per a Bank of India press release.