How much money banks made via penalty for not maintaining minimum balance; check full list

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Published: August 7, 2018 4:08:35 PM

Last year when India’s largest lender the State Bank of India decided to introduce back the penalty for not maintaining the minimum balance in bank accounts, it created a lot of furore.

SBI, state bank of india, SBI charges, SBI charges for non maintenance of Average Monthly Balance, savings bank accountsThe SBI said that its charges for non-maintenance of Average Monthly Balance (AMB) were one of the lowest in the history.

Last year when India’s largest lender the State Bank of India decided to introduce back the penalty for not maintaining the minimum balance in bank accounts, it created a lot of furore. A year later, the SBI collected about half of the total amount of penalties collected by 21 Public Sector Banks (PSBs) and three major private banks. The SBI, which suffered a staggering net loss of Rs 6,547 crore during 2017-18, collected Rs 2433.87 crore. Following the SBI were HDFC Bank and Axis Bank, with collected penalties of Rs 590.84 crore and Rs 530.12 crore.

The SBI said that its charges for non-maintenance of Average Monthly Balance (AMB) were one of the lowest in the history. It announced a reduction in its AMB charges by up to 75% from April 1. The SBI does have a lower minimum average balance requirement of Rs 3000 as compared to other banks, in which it can go up to Rs 10,000 in metro cities.

Check full list:

BankPenalty amount (Rs crore)
SBI2433.87
Axis Bank530.12
HDFC Bank590.84
ICICI Bank317.6
Allahabad Bank16.16
Andhra Bank48.42
Bank of Baroda10.94
Bank of India17.35
Bank of Maharashtra19.17
Canara Bank118.11
Central Bank of India173.92
Corporation Bank24.29
Dena Bank18.25
Indian Bank88.38
Indian Overseas Bank41.95
Oriental Bank of Commerce131.48
Punjab & Sind Bank0.97
Punjab National Bank210.76
Syndicate Bank57.54
UCO Bank5.47
Union Bank of India46.11
United Bank of India5.83
Vijaya Bank1.07

 

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