By Admin 
Minimum balance penalty report: In India, the common man trusts someone the most in terms of his money, so he is the bank of the country. However, now Aam Aadmi Party MP Raghav Chadha has raised questions on these banks in the Rajya Sabha. He has described Hiden Charges and Fee being charged by banks a problem. Let us tell you through the data that after all, Rajya Sabha MP Raghav Chadha has how much power is there and whether the banks are really robbing the pockets of common people with these charges and fees every year.
What did Raghav Chadha say?
Speaking in the Rajya Sabha, Raghav Chadha said that if you do not maintain a minimum balance in your bank account, then the banks charge a penalty charge for this. This charge can be from Rs 100 to Rs 600 per month. He further said that banks recovered 3500 crore rupees from this charge in 2022-23 from the account holders. Apart from this, banks also deduct money from the general public account in the name of extra ATM use fees, bank statement fees, inactivity fees and SMS alert fees.
Today, I Spoke in Parliament on the Banking Bill, 2024.
I poured my heart out, voicing the everyday frustrations of the common man with our banking system.
1. Poor Customer Service
2. Limited Banking Infra in Rural India
3. Cyber fraud and digital data theft
4. Hidden Bank… pic.twitter.com/ZFJJJJ6HNLB– raghav chadha (@raghav_chadha) March 26, 2025
What do you say data?
According to a report by Indian Express, in FY 2023-24, 11 public sector banks of India charged a total fine of Rs 2,331 crore from customers for not having minimum balance in savings accounts. This amount was 25.63 per cent higher than the year 2022-23, when these banks charged Rs 1,855.43 crore from customers for not keeping minimum balance.
How much did the banks recover in 2023-24?
Punjab National Bank (PNB) was at the forefront of this matter. It collected Rs 633.4 crore from its account holders in the name of minimum balance penalty. At the same time, Bank of Baroda was second in this case. This has made Rs 386.51 crore from its account holders
Was charged. At the same time, there was Indian Bank at number three. Indian Bank recovered Rs 369.16 crore from its account holders.
These 11 banks recovered 5,614 crores in 3 years
It was reported in the report of Indian Express that these 11 public sector banks, (Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab & Sindh Bank, Punjab National Bank and Union Bank and Union Bank of India did not keep a minimum of Rs 5,614 crore from their account holders in the past three years. Was collected in form.
What do RBI rules say in this case?
In the case of minimum balance maintenance, the rules of the Reserve Bank of India say that banks have to inform the customers to keep the minimum balance while opening the account. Also, if bank rules change, it is necessary to inform customers. At the same time, if you do not keep the balance, you will have to give first notice and one month’s time will have to be given. In addition, banks cannot do negative balance due to just fine. Let us tell you, SBI (State Bank of India), the country’s largest government bank, has stopped taking the fine for not having minimum balance since 2020.
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