11 public banks charge Rs 2,331 cr for non-maintenance of minimum balance

Eleven public sector banks in India have collected ₹2,331 crore in penalties from customers for failing to maintain the minimum balance in their accounts. This amount has increased significantly, up from ₹1,566 crore in the previous year. The penalties vary by bank and account type, with some institutions imposing higher charges for non-maintenance. The rise in fees has been attributed to banks aiming to boost their revenues amidst economic challenges. Customers are advised to be aware of their account terms to avoid such penalties. The move reflects the banks' efforts to maintain liquidity and manage operational costs more effectively.