Country A big news of relief has come for crores of common bank customers. In fact, 4 different public sector banks have abolished the terms of AMB (average monthly balance) on savings accounts. Eliminating the terms of Amb directly means that now you will not be forced to keep a minimum balance maintenance in the bank account. Indian Bank of Public Sector, State Bank of India (SBI), Canara Bank and Punjab National Bank (PNB) have abolished the terms of Amb on savings accounts for their customers. It is believed that after these banks, many more banks can abolish the rules of average monthly balance.
Average monthly balance is not maintained.
Let us tell you that under the average monthly balance rule, customers have to maintain a fixed amount in their savings account. For example, HDFC Bank has to have a minimum balance maintenance of Rs 10,000 in the savings account. If the total amount deposited in your bank account is less than Rs 10,000, then you have to pay a fine at the difference of reduced amount. Suppose, if you have Rs 8500 in your bank account, then you have to pay a fine at the amount less than Rs 10,000 i.e. Rs 1500. But Indian Bank, SBI, Canara Bank and PNB will no longer charge a fine from their customers for average monthly balance.
Rules will be applicable from July 7 for Indian Bank customers
Indian Bank has said that from July 7, the need for average monthly balance on any type of savings accounts will be abolished. State Bank of India has also freed all types of savings accounts from average monthly balance. Punjab National Bank has also abolished the obligation of average monthly balance from all its savings accounts. In May this year, Canara Bank ended this rule for its customers. Let us tell you that due to the average monthly balance rules, customers have to maintain minimum balance in their accounts under compulsion, if they do not do so, they have to pay a fine.
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