This largecap PSU bank removes minimum balance penalty on savings accounts

State-owned bank Union Bank of India has announced a waiver of charges for non-maintenance of minimum balance in general savings accounts.

According to the bank, this change will come into effect from the next quarter—ending September 2025.

The bank stated that the decision aims to ensure uniformity and fairness in banking services, making essential financial facilities more accessible to a wider segment of the population.

"We are committed to supporting inclusive growth and believe this step will further strengthen our engagement with underserved segment of the population.Previously, similar waivers were already in place for accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY), as well as for savings accounts held by pensioners and senior citizens," the bank noted.

However, this waiver does not apply to other customised savings account products offered by the bank, according to the PSU bank.