As per one recently released data, around 21 public sector banks and 3 private sector lenders collected around Rs 5,000 crore from customers for non-maintenance of minimum balance in their accounts in 2017-18.
India’s largest lender State Bank of India led the task of penalising customers for not maintaining minimum account balance. SBI collected nearly half the amount raised by the 24 banks put together.
HDFC Bank has collected Rs 590.84 crore as the amount of charges for not maintaining minimum balance during 2017-18. Axis Bank collected Rs 530.12 crore in the last fiscal while ICICI Bank charged Rs 317.6 crore.
State Bank of India was charging this sort of penalty till 2012 and again re-introduced it from April 1, 2017. Following the criticism, State Bank of India reduced charges with effect from October 1, 2017.

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