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Informist, Monday, Feb. 9, 2026

 

NEW DELHI – Public sector banks earned INR 47.55 billion in 2024-25 (Apr-Mar), up 6% on year, through penalties and service charges on customers, Minister of State for Finance Pankaj Chaudhary said Monday. These charges include penalties for shortfall in the minimum account balance, ATM charges, and service fees for message alerts. 

 

Earnings from penalties on shortfall in minimum account balance accounted for 60% of the INR 47.55 billion earned, data detailed in Chaudhary's written reply to a question in the Lok Sabha showed. "To protect the common customers from unreasonable banking charges and addressing their interests, zero-balance accounts have been made available and free limits for basic banking services have been prescribed," Chaudhary said. 

 

The levy of service charges by banks, including charges related to non-maintenance of a minimum balance in savings bank accounts, ATM transactions beyond the prescribed free limits, and for message alerts, is governed by banks' board-approved policies and the extant instructions of the Reserve Bank of India. The RBI instructs banks to keep these charges reasonable, transparent, and aligned with the cost of providing the services.  End  

 

Reported by Krity Ambey

Edited by Tanima Banerjee

 

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