Minimum Balance Penalty: A huge amount of money is being accumulated due to the charges being collected from the customers for not maintaining the prescribed minimum balance in the bank accounts. According to the information, in the last three years, Indian banks have collected about Rs 19,083 crore through such fines. This means that these small charges are having a huge impact on the pockets of customers.

CA Kanan Bahl has expressed his concern on this topic on LinkedIn. He believes that when people are already struggling with money crunch, then it is not right to collect money from people through this kind of penalty.

Private banks ahead in earning from penalty

The figures of earnings from minimum balance charges show that private banks have a major share in this. According to RupeeTool, private banks including HDFC Bank have collected penalty of about Rs 10,991 crore in the last three years. Which is more than half of the total fine amount.

At the same time, government banks have also collected charges of about Rs 8,092 crore during this period. These figures clearly show that private and government banks together have deposited a huge amount from this fine.

HDFC Bank becomes number 1

Talking about different banks, HDFC Bank remains at the top in this list. The bank has deposited around Rs 3,871 crore as fine. Apart from this, Axis Bank, ICICI Bank and Bank of Baroda have also taken penalty of more than Rs 1000 crore.

There is no penalty in these banks

The country’s largest government banks State Bank of India (SBI) and Punjab National Bank do not charge any charge for not maintaining minimum balance. However, in earlier years these same banks had earned a good amount of money from such penalties. Which shows that at that time these charges were an important part of his income.
Also read:

Money will not be deducted without informing! Know the new rule of RBI on the arbitrariness of banks, alert will come 24 hours in advance

If you have received an SMS or email from the Income Tax Department stating the difference between your transaction and ITR, it may be a ‘Nudge’ notice. This is not a legal notice, but a gentle reminder so that you can correct your information. This notice is usually sent when there is a difference in cash deposit, earnings from shares or mutual funds, or property transactions. In this video, learn how to check AIS and TIS, how to reply on Compliance Portal and how to file Updated Return if necessary, so that scrutiny and penalty can be avoided in future.

Crores of people travel in Indian Railways every day. There are different types of compartments for passengers in long distance trains. Such as AC coach, sleeper coach and general coach. There are separate seating tickets in these coaches and each coach has its own capacity. But it often happens that the general coach of the train gets so crowded that people are forced to travel standing.

Some passengers even board the luggage coach of the train to avoid crowds or to travel quickly. However, this is completely wrong and is prohibited as per railway rules. Luggage coach is not designed for passengers to sit but to keep luggage. In such a situation, sitting in it is not only a violation of the rules, but is also a great threat to your safety. In such a situation, let us know how much fine is imposed if you travel in the luggage coach of a train.

Why do people go in luggage coach despite the crowd?

Many videos keep going viral on the internet in which people say that the train was so crowded that they had to sit in the luggage coach. This often happens when the correct coach number is not known on the platform, people are in a hurry as soon as the train opens, there is no place available in the general coach, but all these circumstances also do not give you the right to break the rules.

What is the fine for traveling in the luggage coach of a train?

Different railway zones have slightly different rules on traveling in luggage coach, but in general, according to the Railways Act, 1989, unauthorized entry is a punishable offense with a fine of Rs 500 to 1000 or jail up to 6 months. According to the official information of Railways, in such a case, a fine of 6 times the luggage fare or at least Rs 50 can be charged. As per South Western Railway rules, if you are caught traveling in a brake van or luggage van, a fee equivalent to a 1AC ticket and penalty may be charged.

Other railway rules and fines

According to railway rules, the passenger should travel in the same coach for which the ticket has been taken. If you travel without a ticket or in the wrong coach, TTE or Railway Police can charge you a fine. If you have a general ticket and you sit in a sleeper or AC coach, you may have to pay the difference in fare and penalty. If your ticket is of AC 3 Tier and you sit in AC 2 Tier or First AC, then you may have to pay the difference in fare and additional charges. Sitting in women’s coach, disabled coach or special reserved coach without eligibility is also against the rules. Railway staff can take immediate action in such a situation and you may have to pay a fine or may be sent to the right coach at the next station.

Also read: How is booking done for Lok Adalat, know what is the method of taking appointment?