Its hard to live without depending on banks but these numbers would really make your blood boil. In an astonishing statistic, Twenty-one public sector banks (PSBs) have collected more than Rs 10,000 crore in 42 months from the general public for not maintaining minimum balance and charges for additional ATM transactions beyond the permitted free facility.
As per a written reply to a Parliament question, the low monthly average balance was charged by SBI till 2012 but it stopped doing so till March 31, 2016 while other banks, including private banks, were charging as approved by their boards. SBI reintroduced the charge from April 1, 2017. The minimum balance requirements were subsequently reduced from October 1, 2017.
Banks got over 850 crores from customers using ATMs more than the permissible free numbers. Both Finance Ministry and banks do not see any wrong in it as everything has been worked out on the basis of RBI guidelines and board approved the policy.
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