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

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:

Bank Penalty amount (Rs crore)
SBI 2433.87
Axis Bank 530.12
HDFC Bank 590.84
ICICI Bank 317.6
Allahabad Bank 16.16
Andhra Bank 48.42
Bank of Baroda 10.94
Bank of India 17.35
Bank of Maharashtra 19.17
Canara Bank 118.11
Central Bank of India 173.92
Corporation Bank 24.29
Dena Bank 18.25
Indian Bank 88.38
Indian Overseas Bank 41.95
Oriental Bank of Commerce 131.48
Punjab & Sind Bank 0.97
Punjab National Bank 210.76
Syndicate Bank 57.54
UCO Bank 5.47
Union Bank of India 46.11
United Bank of India 5.83
Vijaya Bank 1.07

Source:- financialexpress