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Banks Levy Panel Charges On Non-Maintenance Of Minimum Balance In Savings Account

April 21, 2017

Banks Penal Charges for Savings Accounts – List of Banks with detail

Charges on savings bank accounts

Reserve Bank of India’s Master Circular on Customer Service in Banks provides that the policy on penal charges to be levied for non-maintenance of minimum balance in savings bank accounts may be decided with the approval of the Board of the bank concerned. Banks levy panel charges on non-maintenance of minimum balance in savings bank account in terms of the said Master Circular.

Details of charges levied on deposit of cash in savings bank accounts at bank branches of public sector banks is given below in the table.

Bank Charge on deposit of cash in savings bank account at bank branch
Allahabad Bank No charges
Andhra Bank No charges
Bank of Baroda Home branch: no charges
Non-home branch: For cash deposit
up to Rs. 30,000 per day per account, there is no charge. Thereafter, in excess of Rs. 30,000, service charge is Rs. 2.50 per thousand or part
thereof
Bank of India No charges.
Bank of Maharashtra No charges.
Canara Bank No charges
Central Bank of India No charges
Corporation Bank No charges
Dena Bank No charges
IDBI Bank In metro/urban locations, there is
no charge up to 5 transactions per month. In semi- urban locations, there is no charge up to 7 transactions per month. In rural locations, there is no charge up to 10 transactions. Thereafter, there is a charge of Rs. 2.50 per Rs. 1000, subject to a minimum of Rs. 25 and a maximum of  Rs 10,000).
Indian Bank No charges
Indian Overseas Bank No charges
Oriental Bank of Commerce No charges
Punjab & Sind Bank No charges
Punjab National Bank No charges at home branch
 Cash deposit at all branches within
same clearing centre and city (other than at home branch) : There are no
charges up to Rs. 25,000 per day. Above Rs. 25,000, there is a charge of Rs.1 per Rs. 1,000 or part thereof, with a minimum of Rs. 25 per transaction.
Cash deposit at outstation non-home branches (other than same clearing centre/city): There are no charges up to Rs. 25,000 per day.  Above Rs. 25,000, there is a charge of Rs. 2 per Rs. 1,000 or part thereof, with a minimum of Rs. 25 per transaction.
State Bank of India  Up to 3 transactions per month in branch, there is no
charge, and there is a charge Rs. 50 per deposit thereafter. There is no
charge for deposit at Cash Deposit Machines.
Syndicate Bank No charges
UCO Bank No charges
Union Bank of India No charges at home branch. Above Rs. 50,000 per day at non-home branch Rs. 1 per thousand, subject to a minimum Rs. 10 and a maximum of Rs. 11,500
United Bank of India No charges
Vijaya Bank No charges

Related posts:

  1. IBA – Subsidizing MDR Charges On Debit Cards Transactions
  2. Revision Of Interest Rates For Small Savings Schemes – Ministry Of Finance
  3. Payment Of Interest And Maturity Value Of Small Savings Instruments Through Savings Account
  4. Crediting of enhanced Medical Allowance to the pensioners account by Banks – CPAO Order on 26.10.2016
  5. Maintaining Monthly Average Balance – State Bank Of India

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