New Delhi: In a significant step towards enhancing financial inclusion and customer-centric banking, Punjab National Bank (PNB) has announced that it will waive penal charges for non-maintenance of Minimum Average Balance (MAB) across all savings accounts, effective July 1, 2025.
The public sector lender stated that the move is part of a broader “customer-first initiative” aimed at empowering account holders, especially those belonging to priority segments such as women, farmers, and low-income households.
“The initiative is particularly aimed at supporting priority segments, ensuring easier and more inclusive access to banking services without the stress of balance maintenance penalties,” PNB said in an official statement.
Commitment to Inclusive Banking
Speaking on the development, PNB Managing Director & CEO Ashok Chandra said that the decision reflects the bank’s unwavering focus on inclusive banking and social responsibility.
“We believe that waiving these charges will ease financial pressure on customers and encourage greater participation in the formal banking ecosystem,” he noted.
The removal of these penalties is expected to benefit millions of customers who often face difficulty in maintaining the monthly minimum balance due to income irregularities or financial constraints.
Support for Defence Families Under Rakshak Plus
In addition to the fee waiver, PNB shared updates on its Rakshak Plus Saving Account Scheme, a flagship offering designed to support defence and paramilitary personnel. As of June 11, 2025, the bank has disbursed ₹17.02 crore to the families of 26 deceased defence and paramilitary personnel under the scheme.
The Rakshak Plus account provides comprehensive accidental insurance coverage, including:
- ₹1 crore for personal accidental death or permanent total disability.
- ₹1.5 crore for air accident-related fatalities.
A Customer-Centric Shift
PNB’s recent measures underline its shift towards customer empowerment and a more inclusive banking framework. Industry observers view this move as setting a precedent for other public sector banks to follow, potentially leading to a sector-wide shift away from minimum balance penalties.
Read Also: PNB Slashes Repo-Linked Lending Rate to 8.35%; Home and Vehicle Loans Get Cheaper
About PNB
Punjab National Bank (PNB) is India’s second-largest public sector bank, offering a wide range of financial services across retail, corporate, and international banking. Established in 1894, PNB plays a pivotal role in the country’s banking landscape with a strong nationwide presence.
