How Do The Country’s Banks Charge Them? Look At The Situation Not Only Of Private Banks But Also Of Government Banks.

Banks charge you many types of fees

You must understand how important it is to maintain a minimum balance in your bank account. In private banks, a fine of up to Rs 500 is levied for not maintaining the minimum balance. That is why state-run banks are also not left behind in this matter. Government banks have also earned Rs 8,500 crore in the last five years by imposing various kinds of fines, penalties and other charges. This is a whopping amount of 100 million dollars, do you know what charges banks charge you?

When the country’s largest public sector bank SBI (State Bank of India) faced a lot of criticism for making money through various types of charges, it stopped charging charges for not maintaining the minimum balance from 2019-20. Despite this, a total of 12 government banks in the country still charge various types of charges and have earned Rs 8,500 crore from this in the last 5 years.

Banks charge you these fees

According to the Finance Ministry data tabled in Lok Sabha, the top five government banks that earn the most by levying various types of fines in the country are Punjab National Bank (PNB), Bank of Baroda, Indian Bank, Canara Bank and Bank of India. While a total of 11 government banks including Union Bank of India, Punjab and Sindh Bank, UCO Bank, Bank of Maharashtra and Central Bank are included in the list. Some of these banks charge charges for not maintaining the average minimum balance on a quarterly basis, while other banks charge charges for not maintaining the minimum balance on a monthly basis.

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For not maintaining the minimum balance, you may have to pay a penalty ranging from Rs 100 to Rs 250 in government banks. These are the charges levied on savings account. Whereas if a minimum balance is not maintained 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.
• 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, from not submitting the balance sheet to not renewing the papers.