INSUBCONTINENT EXCLUSIVE:
After SBI, the largest amount of charges for not maintaining minimum balance was collected by HDFC Bank.New Delhi: As many as 21 public
sector banks and three major private sector lenders collected a whopping Rs 5,000 crore from customers for non-maintenance of minimum
balance in their accounts in 2017-18, according to banking data
India's largest lender State Bank of India, which suffered a staggering net loss of Rs 6,547 crore during 2017-18, led the pack in
going below monthly average balance basis from April 2017, collected nearly half the amount raised by the 24 banks put together (Rs 4,989.55
After SBI, the largest amount of charges for not maintaining minimum balance during 2017-18 was collected by HDFC Bank
It charged its customers Rs 590.84 crore, which is lower than Rs 619.39 crore in 2016-17, the data revealed
Axis Bank collected Rs 530.12 crore in the last fiscal while ICICI Bank charged Rs 317.6 crore.SBI was charging the penalty on failure to
maintain monthly average balance requirement till 2012 and again re-introduced it from April 1, 2017
Following the criticism, SBI reduced charges with effect from October 1, 2017
According to the RBI norms, banks are permitted to levy sevice/miscellaneous charges
Customers opening accounts under Basic Savings Bank Deposit (BSBD) scheme as well as Pradhan Mantri Jan Dhan Yojna are not required to
maintain any minimum balance.
