Bank with No minimum savings account: For a long time people had to worry about keeping a minimum balance in their bank accounts. If they didn’t the banks would charge a penalty. This caused stress for many account holders but now many big public sector banks have completely removed this rule which gives customer a big relief.
Marriott Bonvoy Makes Festive Shopping Rewarding with HDFC Bank and Flipkart
Eight major public banks have now completely waived the minimum balance requirement for savings accounts. These banks include State Bank of India, Union Bank of India, Bank of Baroda, Indian Bank, Canara Bank, Punjab National Bank, Bank of India, and Indian Overseas Bank. This change gives huge relief to millions of customers across India.
Bank with No minimum savings account:
Indian Overseas Bank (IOB)
The latest bank to remove the rule is Indian Overseas Bank. On September 30, IOB said that from October 1, customers with SB-Public accounts don’t need to maintain a minimum balance anymore. But this change does not apply to premium accounts like HNI, Prime, or Privilege.
Bank of Baroda
Bank of Baroda removed the minimum balance requirement for all standard savings accounts from July 1. Customers who have premium savings accounts still need to follow the old rules, but regular account holders now don’t have to worry about penalties.
Indian Bank
Indian Bank joined this trend on July 7, 2025, by abolishing all charges for not keeping a minimum balance.Customers can freely use their savings accounts without caring about any fines.
Canara Bank
Canara Bank made this announcement in May 2025. The bank said the minimum balance rule will not apply to any account, including regular savings, salary accounts, and NRI accounts.
Punjab National Bank (PNB)
PNB also waived penalties for customers who couldn’t maintain the required balance. This decision is part of the bank’s effort to help account holders.
State Bank of India (SBI)
SBI, the largest bank in India, removed the minimum balance requirement in 2020. Millions of account holders got relief from penalties.
Bank of India
Bank of India said it abolished charges for not keeping a minimum balance, citing customer welfare and the changing financial situation.
HDFC & ICICI Bank Cheque Clearance From October 4, Positive Pay System for Safer Transactions
Union Bank of India
Union Bank removed the minimum balance rule in the September 2025 quarter. Now, all general savings account holders can use their accounts freely without penalty.
Can your account go negative?
Even if your balance is zero, banks cannot let your account go negative. The Reserve Bank of India (RBI) has instructed banks not to allow overdrafts automatically. This means you cannot spend more than what you have in your account.
