Recently a news came It was reported that government banks charged about Rs 8,495 crore from their customers for not maintaining the minimum balance. This news made a lot of headlines. Let us tell you that the country’s largest bank, State Bank of India (SBI) has not been charging any fee for not maintaining the minimum balance for the last few years. However, many other government banks are charging this charge. Punjab National Bank charged the highest penalty of Rs 1,538 crore in the last five years. Let us know which bank is charging what charge for not maintaining the minimum balance.
State Bank Of India
From 2020, no charges are levied for not maintaining minimum balance in SBI savings account.
ICICI Bank
The minimum balance in this bank is Rs 5000. Failure to maintain it attracts a penalty of Rs 100 + 5% of the shortfall in the required MAB.
HDFC Bank Ltd
HDFC Bank’s average monthly balance for metro and urban areas is Rs 10,000, or Rs 1 lakh for an FD of 1 year and 1 day. For semi-urban areas, the rule is Rs 5,000 or Rs 50,000 for an FD of 1 year and 1 day. Failure to maintain this will attract a penalty of 6% of the shortfall in the average balance or Rs 600 (whichever is lower).
PNB
The penalty for not maintaining minimum balance in the account is Rs 400 for rural areas, Rs 500 for semi-urban and Rs 600 for urban/metro areas.
Yes Bank
Minimum Balance Charge: Yes Bank does not levied any charges for minimum balance.
Axis Bank
There is no charge for not maintaining the minimum balance on the basic savings account. However, the penalty is charged between Rs 600 and Rs 50 in metro and urban areas, between Rs 300 and Rs 50 in SEBI urban areas and between Rs 150 and Rs 75 in rural areas.
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