Indian banks remove minimum balance requirements to attract more deposits amid digital shift.

Several major Indian public sector banks, including State Bank of India and Bank of Baroda, have decided to remove minimum balance requirements in savings accounts, eliminating penalties for not meeting these conditions. This move aims to attract more deposits as people increasingly opt for other financial products. Former Finance Minister P Chidambaram praised the change, calling the minimum balance rule "obnoxious." The shift is part of banks' efforts to remain competitive and adapt to the growing trend of digital banking.