In a progressive move aimed at enhancing access to basic banking services, Union Bank of India has announced the removal of charges for non-maintenance of minimum balance in general savings accounts. This new policy will take effect from the quarter ending in September 2025.
The decision is part of the bank’s larger commitment to make everyday banking simpler and more inclusive, especially for customers from economically vulnerable and semi-urban or rural backgrounds. By eliminating these fees, the bank aims to ease financial stress for account holders and promote a culture of savings without punitive conditions.
Until now, exemptions from minimum balance charges were already in place for certain categories including accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), and those belonging to senior citizens and pensioners. With this latest development, general savings account holders will now enjoy the same benefit, making Union Bank’s services more accessible to a broader range of customers.
It’s important to note, however, that this waiver does not apply to specialized or premium variants of savings accounts, which will continue to follow their respective terms and fee structures.
This initiative marks a meaningful shift toward more customer-friendly policies, aligning with ongoing efforts across the banking sector to foster trust, encourage financial inclusion, and remove barriers to entry for new and underserved customers.