12 government banks of the country imposed a penalty for not maintaining a minimum balance and recovered about Rs 8500 crore. Every bank has its own rule that if the minimum balance is not maintained, some amount will be deducted from customer's account - Rs 100 rupees, Rs 150 and Rs 250. This penalty may sound less, but when the same penalty was added, it turned out to be more than Rs 8500 crores. This is the government figure which is represented in the Parliament.
According to the data, from 2020 to 2024, Rs 8500 crore has been recovered from the accounts of the common man. In 2019-20, these banks collected a fine of Rs 1738 crores, citing not maintaining the minimum balance. In 2020-21, the amount of the fine was Rs 1142 crore, in 2021-22, this fine increased to Rs 1429 crore. So, in 2022-23, this recovery increased and became Rs 1855 crore, and in 2023-24, a fine of Rs 2331 crore was collected from bank customers. The major government banks that continue to charge fines include:
- Punjab National Bank
- Bank of Baroda
- Indian Bank
- Canara Bank
- Bank of India
- SBI
So, what is the common man doing? He is earning, paying EMIs, managing household expenses and paying taxes. If he saves money, the government takes tax on the bank interest. If he saves less, the bank is deducting it.
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