The account is yours and the money is also yours, so you have to pay the fine too… This is how the ‘loot’ is committed in the name of minimum balance, PNB recovered Rs 1538 crore.

This is how banks charge you money

You open an account in the bank, deposit your money, the bank earns interest by distributing the same money as a loan and when required, you withdraw your money and meet the minimum balance condition. If you miss the due date, the banks also charge a fine of Rs 300 to Rs 600. In this way, this robbery of banks in the name of ‘minimum balance’ continues. In this, the government bank PNB has created a record by recovering Rs 1,538 crore.

Recently a report has come from banks which shows that in the last 5 years, banks have recovered crores of rupees from their customers just for not maintaining the minimum balance. However, the country’s largest bank SBI stopped charging such charges a few years ago due to negative publicity.

PNB recovered Rs 1,538 crore

If we talk about PNB, the second largest bank in the country, it has recovered Rs 1,538 crore from customers in the name of ‘No Minimum Balance’ in the last 5 years. While Indian Bank recovered Rs 1,466 crore, Bank of Baroda (BoB) recovered Rs 1,251 crore and Canara Bank recovered Rs 1,158 crore.

What is the minimum balance?

Most banks in the country expect their customers to maintain a certain amount in their account. This is called a minimum balance requirement. If this does not happen, banks charge people fines. Although you do not always have to maintain a minimum balance in your bank account, instead you have to maintain an average minimum balance throughout the month. This is called an average monthly minimum balance. Many banks expect their customers to maintain it on a quarterly basis as well.

Banks also charge you these fees

In government banks, you may have to pay a penalty of Rs 100 to Rs 300 for not maintaining the minimum balance in the savings account. For not maintaining the minimum balance in the current account, these charges may range from Rs 400 to Rs 600.

• Apart from this, banks charge you documentation fees at the time of loan and account opening.
• Even if you request a copy of your bank statement, you will still have to pay a fee.
• If you fail to make any type of payment, you will have to pay a penalty to the bank.
• If you withdraw more money than your overdraft limit, you will still have to pay fees to the bank.
• In the case of loans, you have to pay fees to the bank that range from not submitting the balance sheet to not renewing the papers.