Top 3 Banks Charging for Low Minimum Balance: A Burden on Account Holders
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Minimum Balance Penalties: Banks Collect Billions; HDFC, PNB Top List
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News18•14-03-2026, 16:25
Minimum Balance Penalties: Banks Collect Billions; HDFC, PNB Top List
•Banks collected thousands of crores in minimum balance penalties from account holders nationwide over the last three financial years (FY22-23 to FY24-25).
•Public sector banks collected Rs. 8,092.83 crores, with Punjab National Bank (PNB) leading at Rs. 1,577.87 crores.
•Private banks collected significantly more; HDFC Bank topped with Rs. 3,871.71 crores, followed by Axis Bank (Rs. 2,705.97 crores) and ICICI Bank (Rs. 1,224.79 crores).
•Finance Minister Nirmala Sitharaman clarified that zero-balance (BSBDA) and Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts have no minimum balance requirements or penalties.
•Nine public sector banks will abolish minimum balance penalties by 2025; account holders advised to check terms or switch to zero-balance accounts.
