Public Sector Banks (PSBs) in India have collected over ₹8,000 crore from customers who did not maintain the minimum balance in their accounts. This money comes from penalty charges imposed over time. In addition, banks collected about ₹3,388 crore in the last three years for providing SMS alert services to customers. These charges are part of the banks’ regular fees, but many customers feel they are high and unfair. The government monitors such collections and asks banks to ensure transparency and inform customers about all charges clearly. Banks say the fees help them cover the cost of services and maintain accounts, especially for digital services like SMS alerts. Experts suggest that customers should read account rules carefully and consider zero‑balance accounts if they cannot maintain the minimum balance, to avoid paying extra charges. This shows the importance of being aware of banking fees in India.
PSBs Collect Over ₹8,000 Crore in Minimum Balance Penalties, ₹3,388 Crore for SMS Alerts
