Punjab National Bank waives minimum balance charges across all savings accounts, aiming to make banking more accessible and stress-free for low-income groups, farmers, and women.
In a customer-friendly move that will benefit millions of account holders, Punjab National Bank (PNB) — India’s second-largest public sector bank — has scrapped the penalty charges for not maintaining the Minimum Average Balance (MAB) in all types of savings accounts.
This progressive step, effective from July 1, 2025, is aimed at promoting financial inclusion and easing the banking experience, particularly for women, farmers, and economically weaker sections.
In an official statement, PNB declared that this customer-first initiative will allow account holders to enjoy banking services without the pressure of maintaining a specific balance in their accounts. The move is designed to bring ease, accessibility, and financial dignity to those who previously struggled with penalty charges for low balances.
"Our goal is to remove the stress of maintaining minimum balance and enable more people to benefit from formal banking," said PNB in its official release on social media platform X (formerly Twitter).
PNB's Managing Director and CEO, Ashok Chandra, emphasized the bank’s commitment to inclusive and socially responsible banking.
"This decision reflects our unwavering dedication to financial inclusion. Waiving these charges will reduce financial pressure on customers and encourage broader participation in the formal banking ecosystem," he said.
By eliminating MAB penalties, PNB aims to boost customer confidence, especially among those who hesitate to open or actively use bank accounts due to fee-related concerns.
The waiver of MAB charges is particularly impactful for:
Women in rural and urban areas
Small and marginal farmers
Low-income households
Daily wage earners and gig workers
With this step, PNB aligns itself with the broader government agenda of financial empowerment and inclusion, providing a frictionless banking environment for underserved sections of society.
As per PNB’s announcement:
All savings accounts will now be exempt from Minimum Average Balance (MAB) requirements.
No penalty will be charged even if account balance drops to zero.
This change applies across all savings account schemes, ensuring uniformity and fairness.
With a legacy spanning 125+ years, Punjab National Bank is one of the oldest and most trusted names in India’s banking sector. As of September 2023, PNB operated:
10,092 domestic branches
2 international branches
12,645 ATMs
28,782 business correspondents
Together, these formed a vast network of over 51,000 touchpoints, ensuring that the bank is accessible across urban and rural landscapes.
In the past, maintaining a minimum balance was a cause of worry for small depositors. Many had to pay penalties ranging from ₹100 to ₹500 for falling short. Such fees often discouraged usage of formal banking channels, especially among the underbanked.
With PNB’s initiative:
Banking becomes easier for all
Financial participation will likely rise
The move could set a precedent for other banks to follow suit
Punjab National Bank’s decision to waive MAB penalties marks a bold and commendable shift toward people-first banking. As the financial landscape continues to evolve, such policies play a vital role in bridging the gap between institutions and the masses.
If you’re a PNB customer, you can now enjoy zero-penalty savings accounts, starting July 1, 2025. No more worrying about balance thresholds — just seamless, inclusive, and stress-free banking.
