Canara Bank Waives Minimum Balance Requirement On All Savings Accounts

[GTSaketh]

Canara Bank, on Saturday, announced a complete waiver of charges for non-maintenance of minimum balance in all savings bank accounts, the bank said in a press release.

Effective June 1, customers are no longer have to pay a penalty for not maintaining minimum balance requirements in their savings account.

Source

Edit:
Official Confirmation from Canara Bank on X, Thanks @tamizhventhan

 

[Finchamp!]

Hope other public sector banks take inspiration from this too. Waiting for BOB to do it..

 

[Adith]

2 Questions :

1. Can I upgrade to a higher variant account now and never get downgraded ?

2. Would the grade of accounts now be completely based on NRV ?

 

[Exewhyzee]

Must be a temporary step to attract new customers.

 

[Aniket]

With this move, the bank becomes the first major public sector bank to remove AMB-related charges.

SBI be like: 🙄

 

[La pasión]

With this move, the bank becomes the first major public sector bank to remove AMB-related charges.

SBI be like: 🙄

Bhai ghuma fira Kai yai log charge lenge hi

 

[lovecards]

SBI already waived it long time ago, isn't it?

 

[iamdhamo]

There is a chance that they may mandatorily give physical debit cards and increase the cards fees to extract more money from us in name of amc

 

[iamdhamo]

SBI already waived it long time ago, isn't it?

No I don't think so.

 

[lovecards]

No I don't think so.

Yes, it is so. Here is the proof

• Penalty for non-maintenance of Average Monthly Balance in Savings Bank Accounts has been waived off w.e.f 11.03.2020.

https://sbi.co.in/web/personal-banking/information-services/kyc-guidelines/revised-service-charges

 

[Aniket]

Bhai ghuma fira Kai yai log charge lenge hi

Charge lene mein sabse aage hain ye 🤣

Mobile Number, E-mail, Address, Nominee update, Debit Card Closure, A/c closure even after 1 yr, ka kaun charge leta hai?

Canara be like: Ham, hamse aage koi nahi, ham hain ai1 bank 🤣

 

[BhaiyaJi]

Whats going in PSU
First BOB has started provided rewards on utility
And now this

 

[cardy]

Canara Bank, on Saturday, announced a complete waiver of charges for non-maintenance of minimum balance in all savings bank accounts, the bank said in a press release.

Effective June 1, customers are no longer have to pay a penalty for not maintaining minimum balance requirements in their savings account.

Source

Be aware! This is the only Bank in india I know that charges for debit card hot listing. So jhanse mein na ana hai baas! 😄😄😂

 

[La pasión]

Charge lene mein sabse aage hain ye 🤣

Mobile Number, E-mail, Address, Nominee update, Debit Card Closure, A/c closure even after 1 yr, ka kaun charge leta hai?

Canara be like: Ham, hamse aage koi nahi, ham hain ai1 bank 🤣

Bhai Mera to dikha kharab hota h enka dc hotlist charge wo bhi sale 200 lete h. Agar kisi mai classic card liya h to usk fees 236+173(hotlisting) salo nai classic ko bhi 400 pahuncha diya h. Enko maja ayega jab next year fyf rsdc ko charge katne sai pehlai hi account mass close kardenege. Phir enka dimag thikanai pe aayega

 

[La pasión]

Whats going in PSU
First BOB has started provided rewards on utility
And now this

Bhai turnover kam ho rha hoga salo ka. Bob card waise bhi pura waste h. Esliye salo nai socha utility dalne pai turnover bhadjayeaga par unko kya pata jab tak apay balance rahega tab tak enka kuch nahi hosakta

 

[iamdhamo]

Yes, it is so. Here is the proof

• Penalty for non-maintenance of Average Monthly Balance in Savings Bank Accounts has been waived off w.e.f 11.03.2020.

https://sbi.co.in/web/personal-banking/information-services/kyc-guidelines/revised-service-charges

Then why are they stil showing mab in the app

 

[cardy]

Whats going in PSU
First BOB has started provided rewards on utility
And now this

Vai dhanda kharab hai. Wo samajh gaya kuch nahi karenge to naukri khatre mein hai. Har customer private bank me ja rahe hai

 

[ashwinikumar900]

Hope other public sector banks take inspiration from this too. Waiting for BOB to do it..

The biggest public sector bank, SBI, is already on this list. Waiting for BOB.

 

[Aniket]

Then why are they stil showing mab in the app

Firstly, AMC is only going to be waived from June 1.

Secondly, giving the provision to view balance : AMB, AQB & Required balance, is a good thing, I wish every bank to provide this feature. Some provide either of them and some don't provide any. It comes handy to us.

 

[Raghav2006Raghav2006 is verified member.]

Their service is slow or what?
Applied a debit card last monday, could see the virtual in 2 days but no physical card yet, not it's shipping details.