New Delhi: Recently, it came to light that government banks collectively charged approximately Rs 8,495 crore from their customers for not maintaining the minimum balance. This news made many headlines. Let me tell you that the largest bank in the country, State Bank (SBI), has not been charging any fee for not maintaining the minimum balance for the past few years. However, several other government banks continue to charge such charges. Among them, Punjab National Bank (PNB) charged the highest fine, which amounted to Rs 1,538 crore in the last five years. Here is a breakdown of the charges levied by various banks for not maintaining the minimum balance.
Complete details of SBI, HDFC, ICICI, Yes Bank and PNB here:
Below are the charges for not maintaining the minimum balance in savings accounts at different banks:
- State Bank of India (SBI)
Since 2020, SBI has not charged any fee for not maintaining the minimum balance in savings accounts.
The minimum balance required in this bank is Rs 5000. Failure to maintain it will result in a penalty of Rs 100 + 5% of the shortfall of the minimum average balance required (MAB).
The average monthly balance requirement for HDFC Bank is Rs 10,000 for metros and urban areas or Rs 1 lakh for a one-year, one-day fixed deposit. For semi-urban areas, the rule is Rs 5,000 or Rs 50,000 for a one-year, one-day fixed deposit. Failure to comply with this rule attracts a penalty of 6% of the shortfall in the average balance or Rs 600 (whichever is less).
- Punjab National Bank (PNB)
The penalty for not maintaining the minimum balance in the account is Rs 400 for rural areas, Rs 500 for semi-urban areas and Rs 600 for urban/metropolitan areas.
There are no minimum balance fees.
There is no fee for not maintaining the minimum balance in the basic savings account, while the penalty ranges from Rs 600 to Rs 50 in metropolitan and urban areas, Rs 300 to Rs 50 in semi-urban areas and Rs 150 to Rs 75 in rural areas.
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