New Delhi, 1 June (IANS). Canara is good news for bank customers. The bank has given relief to the customers and removed the penalty rule for not having minimum balance since Sunday.
After this move of the bank, there will be no charge or penalty of any kind if there is no minimum balance in the savings account. This new rule will apply to all types of savings accounts.
Canara Bank is the first major government bank to remove the minimum balance limit on all types of savings accounts.
After this rule, customers of Canara Bank can keep zero balance in a savings account without any fine.
It is believed that this step will benefit millions of savings account holders of the bank and can easily use the entire amount available in the account for any transaction.
Canara Bank said in its post, “From June 1, 2025, Canara Bank will not impose any penalty for not having minimum balance. This rule is for all savings account holders.”
Earlier, customers have to keep a minimum balance of Rs 2,000 in cities, Rs 1,000 in semi-urban areas and Rs 500 in rural areas. If customers were unable to keep minimum balance, they were fined.
This step of Canara Bank will benefit all classes with students, women, lower income groups, senior citizens.
The name of Canara Bank comes in the big public sector banks of the country. The bank’s income was Rs 31,496 crore in the March quarter of FY 25. During this time the bank had a profit of Rs 5,111 crore.
The total income of the bank in the entire financial year 25 was Rs 1.21 lakh crore. During this time the bank has made a profit of Rs 17,692 crore.
-IANS
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