Bank of Baroda accounted for 16% of all such charges collected for non-maintenance of minimum balance between FY23 to FY25 | Photo credit: ANUSHREE FADNAVIS
More than Rs 8,000 crore has been collected as charges from 12 public sector banks (PSBs) for not maintaining a minimum balance in the last three financial years, parliamentary data showed.
With a collection of over Rs 1,500 crore, Punjab National Bank accounted for 20% of all such charges collected for non-maintenance of minimum balance by 12 PSs during the period. This is followed by Bank of Baroda and Indian Bank, which accounted for 16% and 14% of the total fees so collected.
The reply said public sector banks have waived or rationalized minimum balance charges in line with their board-approved policies and business considerations for current savings accounts.
These charges are governed by policies approved by the Bank Board and applicable Reserve Bank of India (RBI) guidelines, which require charges to be reasonable, transparent and commensurate with the cost of providing services, the reply added.
The data also shows that these banks, excluding State Bank of India, have collected nearly Rs 3,388 crore as charges for providing SMS services in the last three financial years. SBI has waived these charges from 2020 onwards.
With over Rs 1,100 crore collected as fees charged for providing SMS services, Union Bank of India accounted for 35% of all such fees collected by 11 PSBs. It was followed by Canara Bank and Punjab National Bank which accounted for 15% and 10% respectively.
The reply also mentioned that banks offer zero balance savings accounts that provide basic banking services and do not require maintenance of any minimum balance, such as Savings Bank Deposit Accounts (BSBDA) and accounts opened under Pradhan Mantri Jan Dhan Yojana (PMJDY).
Published – 02 Feb 2026 20:00 IST