A Punjab National Bank branch. Image for representation.
Credit: Reuters File Photo
New Delhi: Punjab National Bank (PNB) on Wednesday announced waiver of penalty charge for non-maintenance of minimum average balance in savings accounts, a move which will provide relief to customers.
“We believe that waiving these charges will ease financial pressure on customers and encourage greater participation in the formal banking ecosystem,” said Ashok Chandra, MD & CEO of PNB.
The policy is effective from July 1. This means the bank will not charge any penalty even if your balance in the savings account declines to zero. Earlier, PNB savings bank account holders were charged a penalty in proportion to the extent of the shortfall from the required minimum balance.
“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,” PNB said in a statement.
PNB’s move follows the similar initiative taken by State Bank of India and Canara Bank. State Bank of India took similar measures in 2020 while Canara Bank announced waiver of the average monthly balance requirement in May this year.