Overview

• Canara Bank becomes the first major public sector bank to waive the average monthly balance requirement, allowing zero-balance accounts without penalties.
• The waiver covers all savings account variants, including standard SB, salary and NRI SB accounts.
• Millions of customers, including salaried workers, senior citizens, students, NRIs and first-time banking users, stand to benefit immediately.
• Account holders will no longer incur monthly penalties for falling below previously mandated balance thresholds.
• The bank anticipates that the move will streamline everyday banking and widen access to financial services across India.