Overview

• Punjab National Bank stopped charging penalties for failing to maintain minimum average balances in savings accounts from July 1 to support women, farmers and low-income customers.
• Indian Bank lowered its one-year marginal cost of funds-based lending rate by 5 basis points to 9% effective July 3 to reduce borrowing costs.
• Indian Bank has announced a full waiver of minimum balance charges on all savings accounts starting July 7, following similar moves by Canara Bank.
• These measures follow Canara Bank’s June 1 elimination of average monthly balance requirements, reflecting a coordinated push by state-owned banks toward inclusive banking.
• SMS alert services and ATM transaction fees will continue to apply after free limits are exceeded, indicating a phased approach to fee reductions.