<ul data-eligibleForWebStory="false"><li>Bank of Baroda has followed the lead of other public sector banks by eliminating minimum balance charges on regular savings accounts, effective from July 1.</li><li>This decision is part of a larger trend among state-owned banks to adapt to changing customer behaviors and governmental discussions surrounding penalties on low balances.</li><li>The move to drop minimum balance requirements is a response to the decreasing share of low-cost current and savings account deposits and the changing dynamics in Jan Dhan accounts.</li><li>The banks are evolving their revenue models by shifting away from balance-related penalties towards other sources like debit card fees, given the reduced costs of servicing accounts in the digital banking era.</li></ul>

Bank Of Baroda Joins Public Sector Peers In Dropping Minimum Balance Charges

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