Customers celebrate! After PNB, Indian Bank to waive minimum balance charges for all savings accounts from July 7

A day after Punjab National Bank announced a similar move, Indian Bank has now said that it is waiving minimum balance requirments across Savings Bank accounts, with effect from July 7, 2025.

In a post on social media platform X (formerly Twitter), the bank’s official account wrote that the decision is aimed to improving financial inclusion, accessibility and affordability for customers.

The post also had a graphic attached which declared: “Your money, your rules. No miminum balance, no penalty! 0% effective from July 7, 2025.”

Indian Bank removes minimum balance charges for savings accounts

“Public announcement: In a significant customer-centric initiative, we are elated to announce the complete waiver of minimum balance charges across all our Savings Bank accounts, effective from July 7, 2025,” the bank wrote.

It added: “This move is aimed at fostering financial inclusion and making banking more accessible and affordable for all sections of society. Indian Bank remains committed to providing best-in-class service to its customers. T&C apply.”

PNB says ‘no more penalty’ for minimum balance

Earlier, Punjab National Bank on July 1 said it has waived penal charges on non- maintenance of the Minimum Average Balance (MAB) in savings accounts. Also in a post on X, it wrote: “With effect from 01st July, 2025, enjoy hassle-free banking without any penal charges on non-maintenance of minimum average balance across all Savings Account schemes.”

Explaining the decision, PNB MD & CEO Ashok Chandra said it reflects the bank’s “unwavering commitment to inclusive banking”. He added, “We believe that waiving these charges will ease financial pressure on customers and encourage greater participation in the formal banking ecosystem.”

According to the official statement, major benefactors of the waiver include “priority segments such as women, farmers and low-income households”.

“With this step, PNB reaffirms its role as a socially responsible and customer-centric institution, dedicated to making banking more accessible and equitable for all,” it added.