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Race of MAB waiver in PSBs

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The first post in this thread is a WikiPost, and can be edited by anyone with the appropriate permissions.
tuhin

tuhin

TF Premier
Recently I am seeing a new race within PSBs to waive off Minimum Balance requirements. A few banks already waived off the charges as below:

1. SBI (State Bank of India)
2. CANARA BANK
3. CBI (Central Bank of India)
4. PNB (Punjab National Bank)
5. BOB (Bank of Baroda) Excluding Premium Saving Account
6. BOI (Bank of India)
7. INDIAN BANK
8. Union Bank of India

I may miss any other bank's name who is already poked his nose into this new age race. Please let me know your view on it & how are getting benefited from this changes?

Thanks
 
Last edited by Lordkk:
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tuhin said:
Recently I am seeing a new race within PSBs to waive off Minimum Balance requirements. A few banks already waived off the charges as below:

1. SBI
2. CANARA BANK
3. CENTRAL BANK
4. PNB
5. BOB

I may miss any other bank's name who is already poked his nose into this new age race. Please let me know your view on it & how are getting benefitted from this changes?

Thanks
Click to expand...
All listed banks removed NMC for all of their accounts, except BOB. 🤡
 
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Aniket said:
All listed banks removed NMC for all of their accounts, except BOB. 🤡
Click to expand...
BOB also removed yesterday late night except premium accounts.

Still a few banks haven't taken any action yet on this part:

1. UCO Bank
2. Indian Bank
3. Union Bank
4. Bank of Maharashtra
5. IOB
6. PSB
7. Bank of India
 
tuhin said:
BOB also removed yesterday late night except premium accounts.
Click to expand...
By saying all listed banks removed NMC for all of their accounts, except BOB. 🤡
I meant to say, BOB is the odd, didn't remove NMC on all accounts like other banks, added a clause: excluding premium savings account.
 
Last edited:
Aniket said:
By saying all listed banks removed NMC for all of their accounts, except BOB. 🤡
I meant to say, BOB is the odd, didn't remove NMC on all accounts like other banks, added a clause: excluding premium savings account. Premium Savings Account comprises of 35 accounts, where 30 accounts have MAB requirment & applicable for NMC as well.
Click to expand...
Does BOB have 35 types of accounts!!! 🧐 Do you have the lists which are not included in this list for MAB waiver?
 
So,
Now that we have zero NMC, which of these accounts in these banks are good?
Mostly for general use, UPI, and a free DC with good features?
 
vine said:
So,
Now that we have zero NMC, which of these accounts in these banks are good?
Mostly for general use, UPI, and a free DC with good features?
Click to expand...
I don't think any one of the above banks can offer zero AMC DC. More or less, every one of them has SMS alerts charges (mostly).

I think SBI was the front runner in this race already. They have zero balance, zero sms charges even virtual dc available through YONO or OnlineSBI but others are not offering the same except BOB to some extent where their offerings are at par with SBI.
 
tuhin said:
I don't think any one of the above banks can offer zero AMC DC. More or less, every one of them has SMS alerts charges (mostly).

I think SBI was the front runner in this race already. They have zero balance, zero sms charges even virtual dc available through YONO or OnlineSBI but others are not offering the same except BOB to some extent where their offerings are at par with SBI.
Click to expand...
SBI changed everything way back in 2020.
 
vine said:
Can you give me the account names with zero NMC, zero charges and free phy/virtual DC.
Click to expand...
You asked the same query a couple of months ago, and I gave you the same answer:

Open a regular account with a cheque facility (this can be useful in the future).

Physical DC is chargeable, but a virtual is free. There are no SMS charges, or NMC, or IMPS charges.
 
HumorSimpson said:
I sense some scam here. With no NMC people will not close their rarely used accounts and these unwatched accounts could be used by bank for fraudulent transactions.
Click to expand...
Indian Banks are strongly regulated & bounded by domestic & international laws. Hence, such scam is not possible. Yes, people will start abandoning their SB accounts shortly.

This waiving off is showing PSBs fear of having a major cash/liquidity crunch where people are becoming loan hungry only. I don't think that people will think much to keep minimum assets in banks for their emergency funds & others will channelise in several other flows like MFs/Stocks/Bonds etc.
 
vine said:
SBI is scary 😁
Click to expand...
Yes definitely! Most of the times server is not available/many other issues, not reliable at all. BOB has a delay in SMS alerts otherwise comparatively better than SBI anyway. PNBs service (online/offline) is horrible. PNB server is comparatively good but mobile app to NetBanking everything ghatia
 
tuhin said:
Recently I am seeing a new race within PSBs to waive off Minimum Balance requirements. A few banks already waived off the charges as below:

1. SBI (State Bank of India)
2. CANARA BANK
3. CBI (Central Bank of India)
4. PNB (Punjab National Bank)
5. BOB (Bank of Baroda)
6. BOI (Bank of India)
7. IB (Indian Bank)

I may miss any other bank's name who is already poked his nose into this new age race. Please let me know your view on it & how are getting benefitted from this changes?

Thanks
Click to expand...
Now with AMB being removed, which of these banks offer nil AMB Premium / Super Premium a/cs with nil DC charges?
 
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quick question, can I open a new account preferably higher variant and it will still be zero MAB in any of those banks?
 
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