Minister of State, Dr Bhagwat Karad pointed that these banks collected over Rs 21,000 crore on account of non-maintenance of minimum balance, while over Rs 8,000 was generated due to additional ATM transactions, and SMS services added over Rs 6,000 crore.
Public sector banks and five major private sector banks, including Axis Bank, HDFC Bank, IndusInd Bank, ICICI Bank and IDBI Bank, collected over Rs 35,000 crore in charges since 2018 on account of non-maintenance of minimum balance, additional ATM transactions and SMS Services, Finance Ministry informed the Rajya Sabha on Tuesday.
Minister of State, Dr Bhagwat Karad pointed that these banks collected over Rs 21,000 crore on account of non-maintenance of minimum balance, while over Rs 8,000 crore was generated due to additional ATM transactions, and SMS services added over Rs 6,000 crore.
Banks charges:
Banks impose charges for several reasons including not maintaining the minimum balance in an account, surpassing the number of free ATM transactions, depositing cash beyond a limit, among others.
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