In a major relief for account holders, Punjab National Bank (PNB) has announced that it will no longer levy penalties for not maintaining the minimum average balance in savings accounts.
The move is aimed at promoting financial inclusion and making banking more accessible for all, according to an official statement.
“This customer-first initiative, effective from July 1, 2025, is particularly aimed at supporting priority segments such as women, farmers and low-income households, ensuring easier and more inclusive access to banking services without the stress of balance maintenance penalties,” the PSU bank said.
While announcing the same, Ashok Chandra, MD & CEO of PNB, said: “This decision reflects our unwavering commitment to inclusive banking. We believe that waiving these charges will ease financial pressure on customers and encourage greater participation in the formal banking ecosystem.”
With this step, PNB reaffirms its role as a socially responsible and customer-centric institution, dedicated to making banking more accessible and equitable for all.
Also read: Canara Bank waives minimum balance requirement on all savings accounts
Last month, another public sector bank Canara Bank had announced waiving the average monthly balance (AMB) requirement across all its savings bank accounts.
Canara Bank was the first major public sector bank to remove AMB-related charges. On its decision, the bank said the move was aimed at promoting financial inclusion and enhancing customer convenience.