Banks earned massive amt by fining customers for minimum balance deficit

Media reports say that 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.

State Bank of India, which netted a loss of Rs 6,547 crore during 2017-18, was the frontrunner in penalising its customers for not maintaining minimum account balance.

HDFC came second when it came to charging customers for not maintaining minimum balance during 2017-18 and collected 590.84 crore, followed by Axis Bank at Rs 530.12 crore.