CHENNAI: Indian Bank has announced the complete waiver of minimum balance charges across all Savings Bank accounts, effective July 7, 2025.
This move is aimed at fostering financial inclusion and making banking more accessible and affordable for all sections of society. This move is set to benefit a spectrum of Indian Bank account holders, ranging from students and senior citizens to small business owners and rural customers.
The waiver is expected to encourage more individuals, especially those from underserved communities, to enter the formal banking system. The Bank has also announced a reduction of 5 basis points in its one-year Marginal Cost of Funds Based Lending Rate (MCLR), bringing it down to 9.00 per cent, effective today. This will directly benefit borrowers with a lower interest rate on loans.