With this, customers will not incur any charges for any shortfall in the Monthly Average Balance in their Savings Accounts.
The minimum balance is, however, not applicable on Premium Savings Account schemes.
"Removing minimum balance charges reflects Bank of Baroda's ongoing commitment to our customers, making banking more accessible for all. It further strengthens our efforts to deliver inclusive, value-driven banking services to our customers," Beena Vaheed, Executive Director, Bank of Baroda said in a statement.
BoB follows PNB, SBI
Bank of Baroda's decision to remove charges on non-maintenance of minimum balance in all standard savings accounts follows similar decisions by other public sector banks like Punjab National Bank (PNB), State Bank of India (SBI), Indian Bank and Canara bank.
Recently, for non-maintenance of minimum average balance (MAB) in all savings accounts with effect from July 1, 2025.
In a statement, PNB had said that the decision will support priority segments, such as women, farmers and low-income households. It will ensure easier and more inclusive access to banking services without the stress of balance maintenance penalties.
The Indian Bank also recently waived penalty for not maintaining minimum balance in savings accounts.
In a statement dated July 2, 2025, the Indian Bank said it has removed all penalties on non-maintenance of minimum balance in all of its savings accounts with effect from July 7, 2025.
The Bank took this decision to improve financial inclusion and accessibility, and to make its services more affordable for its customers.
"In a significant customer-centric initiative, we are elated to announce the complete waiver of minimum balance charges across all our Savings Bank accounts, effective from July 7, 2025," Indian Bank said.
have also waved penal charges on non-maintenance of average balance in savings accounts.