Winning Bizness Desk

Mumbai. Do you know how important it is to maintain minimum balance in your bank account? In today's time, it is necessary not only for your convenience but also to save your pocket. In private banks, while not keeping minimum balance, a fine of up to Rs 500 may be imposed, while the government banks are also not behind in this game. In the last five years, public sector banks have earned around Rs 8500 crore through various charges, penalties, and other charges. This amount is equal to $ 100 million.

SBI change and other public sector banks

The country's largest government bank, State Bank of India (SBI), when faced criticism on various charges, stopped charging for not having minimum balance since 2019-20. However, a total of 12 government banks in India still charge a variety of charges, from which they have earned Rs 8500 crore in the last five years.

What are the charges charged by the bank?

According to Finance Ministry data, the highest -grossing public sector banks include Punjab National Bank (PNB), Bank of Baroda, Indian Bank, Canara Bank and Bank of India. Apart from this, a total of 11 public sector banks including Union Bank of India, Punjab & Sindh Bank, UCO Bank, Bank of Maharashtra, and Central Bank have also earned a lot through fine and charges.

Fees on minimum balance

Banks charge charges on minimum balance deficiency based on various times. Some banks impose this fee on a quarterly basis while others pay this fee on a monthly basis. If you do not have a minimum balance in your savings account, then you may have to pay a fine ranging from Rs 100 to Rs 250. This fine for current accounts can range from Rs 400 to Rs 600.

Other charges

In addition, banks take documentation charges for loans or at the time of opening an account. If you request for copying of statement or any other copy, you still have to pay a fee. Bank charges are also charged for defaulting in payment and withdrawing more money from overdraft limits. In cases of loan, from not submitting the balance sheet to the renewal of the papers, various charges are faced.

Knowing and understanding these charges can be helpful for you in financial decisions, and can ensure that you can avoid unnecessary expenses.