Basic Savings-bank-deposit

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Indian banks collect Rs 5,000 crore from customers in 2018 for breaching minimum balance; SBI, HDFC lead pack
Business

Indian banks collect Rs 5,000 crore from customers in 2018 for breaching minimum balance; SBI, HDFC lead pack

As many as 21 public sector banks and three major private sector lenders collected a whopping Rs 5,000 crore from customers for non-maintenance of minimum balance in their accounts in 2017-18, according to banking data.

Minimum balance: SBI looks to amass Rs 2,000 cr penalty, to partly use it for Aadhaar-PAN linking
Business

Minimum balance: SBI looks to amass Rs 2,000 cr penalty, to partly use it for Aadhaar-PAN linking

From 1 April, SBI made it mandatory for savings bank accounts in metropolitan cities to maintain Rs 5,000 as minimum balance, Rs 3,000 in urban areas, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas, failing which a penalty is levied.