Bank of Baroda also waives minimum balance charges amid deposits chase

Bank of Baroda also waives minimum balance charges amid deposits chase State-owned Bank of Baroda on Sunday announced waiver of charges to customers for not maintaining minimum balance in their savings accounts. This has come into effect from July 1. With this, the bank joined Canara Bank, State Bank of India, Punjab National Bank, and Indian Bank in waiving the minimum balance requirement. "With this, customers will not incur any charges for any shortfall in the Monthly Average Balance in their Savings Accounts. The waiver is not applicable on Premium Savings Account schemes," Bank of Baroda said in a statement. Experts suggest the move is likely to be part of lenders' strategy to attract liabilities as deposit growth remains a challenge for the banking industry. "Waiving penal charges on non-maintenance of minimum balance is an indirect message from banks to customers to keep some money with them," said Saurabh Bhalerao Associate Director -  BFSI Research, CAR...