Giving relief to customers, some of the major publicly listed banks in India have removed the compulsory practice of keeping Average Monthly Balance (AMB) in the savings accounts. Bank of Baroda, Punjab National Bank, Indian Bank and Canara Bank are some of the big banks to have removed the minimum balance criteria on the majority of their savings accounts.

Here are the banks to have removed the AMB requirement:

Bank of Baroda

Bank of Baroda waived charges on non-maintenance of minimum balance in all standard savings accounts starting July 1, 2025. The customers will not incur any charges if they are short of the AMB. However, the waiver does not apply to Premium Savings Account schemes.

State Bank of India

State Bank of India was the first to act in this direction, waiving minimum balance requirements in 2020. SBI Chairman CS Setty recently told NDTV Profit that the policy has helped first-time account holders.

Canara Bank

Canara Bank waived the average monthly balance requirement in May 2025 for all types of savings bank accounts, including regular savings accounts, salary accounts and NRI savings accounts.

Indian Bank

Starting July 7, 2025, Indian Bank has waived the minimum balance criteria and announced a complete waiver of minimum balance across all savings bank accounts.

Punjab National Bank

The Punjab National Bank (PNB) has announced that it will no longer levy penalties for not maintaining the minimum average balance in savings accounts, in an attempt to promote financial inclusion and make banking more accessible.

"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 bank said in a press release.