Recent reports revealed that government banks collectively charged around Rs 8,495 crore for not maintaining the minimum balance. While the State Bank of India (SBI) has waived off these charges since 2020, other banks continue to impose penalties. Here’s a breakdown of the charges by major banks:
State Bank of India (SBI): No charges for not maintaining the minimum balance since 2020.
ICICI Bank: Requires a minimum balance of Rs 5,000. Charges Rs 100 plus 5% of the shortfall in the required minimum average balance (MAB).
HDFC Bank: Minimum balance requirement is Rs 10,000 for metro and urban areas, and Rs 5,000 for semi-urban areas. Penalty is 6% of the shortfall or Rs 600, whichever is lower.
Punjab National Bank (PNB): Charges Rs 400 in rural areas, Rs 500 in semi-urban areas, and Rs 600 in urban/metro areas.
Yes Bank: No minimum balance charges.
Axis Bank: No charges for Basic Savings Accounts. Penalty ranges from Rs 600 to Rs 50 in metro/urban areas, Rs 300 to Rs 50 in semi-urban areas, and Rs 150 to Rs 75 in rural areas.
