Indian Bank waives off Minimum Balance Charges on Savings Accounts; Reduces MCLR to 9.00%

In a significant customer-centric initiative, Indian Bank has announced the complete waiver of minimum balance charges across all Savings Bank accounts, effective July 7, 2025. This move is aimed at fostering financial inclusion and making banking more accessible and affordable for all sections of society.

This landmark move is set to benefit a vast spectrum of Indian Bank account holders, ranging from students and senior citizens to small business owners and rural customers. The waiver is expected to encourage more individuals, especially those from underserved communities, to enter the formal banking system.

Further reinforcing its commitment to affordable credit, the 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%, effective July 3, 2025. This reduction will directly benefit borrowers with lower interest rate on loan.

Shares of Indian Bank was last trading in BSE at Rs. 646.00 as compared to the previous close of Rs. 650.65. The total number of shares traded during the day was 110356 in over 3310 trades.

The stock hit an intraday high of Rs. 658.00 and intraday low of 643.05. The net turnover during the day was Rs. 71793796.00.

Source : Equity Bulls

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