Indian Bank waives minimum balance charges on savings accounts, cuts MCLR to 9%

New Delhi: In a major step towards enhancing customer convenience and promoting financial inclusion, Indian Bank has announced the complete waiver of minimum balance charges across all Savings Bank accounts, effective July 7, 2025.

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The move is expected to benefit a wide spectrum of customers, including students, senior citizens, small business owners, and rural populations. By eliminating minimum balance penalties, Indian Bank aims to make banking more accessible, especially for those from underserved and economically weaker sections of society.

“This initiative is a part of our continued efforts to make banking more inclusive and user-friendly for all,” said a senior bank official. “We believe this will encourage more people to open and maintain savings accounts, thus bringing more individuals into the formal financial system.”

In addition to this customer-focused measure, Indian 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 percent, effective July 3, 2025. The cut in MCLR is expected to make borrowing more affordable for retail and business customers, providing relief in a high interest rate environment.

The bank’s dual move—waiving minimum balance charges and lowering the lending rate—underscores its commitment to supporting inclusive growth and offering more value-driven financial products to its customers.

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