PNB waives off minimum balance penalties: Good News for Savings account holders
Punjab National Bank (PNB) has waived off the minimum average balance (MAB) charges for all savings accounts with effect from July 1, 2025.
New Delhi: Punjab National Bank (PNB) has announced to waive off the penalties on customers for failing to maintain the minimum average balance (MAB) in all savings accounts.
Recently, State Bank of India (SBI) and Canara Bank had announced that they will not levy any penalty on their customers for failing to maintain the minimum average balance in savings accounts.
"This customer-first initiative (waiver of charges for non-maintenance of MAB), effective from July 1, 2025, aims to support priority segments, including low-income households, women, and farmers, by making banking services more accessible and easier to use without the burden of balance maintenance penalties," PNB said in its release.
It may be notated following the repo rate cut announced by Reserve Bank of India (RBI), several banks, including PNB slashed returns on savings and fixed deposits.
PNB Saving Deposit (General) Account types
- Salary Accounts
- Saving Accounts for youth and minors
- PNB Select Saving Account (Savings Account for Individuals)
- PNB Elite Saving Account (Savings Account for individuals & HNI)
- PNB Kisan Saving Scheme (Savings Account for Farmers)
- PNB Women Power Saving Scheme (Savings Accounts for Women)
- PNB Samman Saving Account (Savings and Pension Account for Senior Citizens and Retired Employees)
- PNB Rakshak Plus (Salary & Pension Account for serving and retired Defence & Police Personnel)
- PNB Secured Saving Scheme (An Individual falling in age group between 18 years to 50 years. Rural - Rs. 500/- , Semi Urban- Rs. 1000/-, Urban & Metro- Rs. 2000/-)
- PNB Arogya Saving Scheme (An Individual falling in age group between 18 years to upto 60 years)
- PNB UNNATI SAVING FUND ACCOUNT (Resident Individuals (either singly or jointly), Associations, Trusts, Hindu Undivided Families (HUFs), Clubs, Societies etc. Institutions specially permitted by RBI)
- PNB SF PRUDENT SWEEP DEPOSIT SCHEME FOR INDIVIDUALS (Sweep in/out shall take place after the cut off balance of Rs. 50000 and in multiples of Rs.5,000/-. Sweep out will be on daily basis)
SBI, the country’s largest public sector bank, has also announced that it will not impose any charges on customers for not maintaining a minimum balance in all savings accounts since 2020.
In May 2025, Canara Bank also waived off the average monthly balance (AMB) requirement for all types of savings bank accounts, including regular savings accounts, salary accounts, and NRI savings accounts.