Banks collect Rs 5,000 crore in FY18 as minimum balance penalty

Banks collect Rs 5,000 crore in FY18 as minimum balance penalty

21 public sector banks and 3major private sector lenders collected Rs 5,000 crore from customers as minimum balance penalty in 2017-18, according to banking data. State Bank of India, which suffered a staggering net loss of Rs 6,547 crore during 2017-18, collected Rs 2,433 crore from its customers for not maintaining the minimum balance. SBI was followed by HDFC Bank which collected Rs 590.84 crore. Axis Bank collected ₹ 530.12 crore in the last fiscal while ICICI Bank charged ₹ 317.6 crore. According to norms set by the Reserve Bank of India (RBI), banks are permitted to levy service/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.

Read More at Livemint News date : 6 Aug 2018, Monday

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