PNB earns Rs 170 crore in FY21 by levying charges on non-maintenance of minimum balance

punjab national bank, chandra shekhar gaur, atm, punjab national, Bank, minimum balance


Punjab National Bank

(PNB) collected nearly Rs 170 crore by levying charges on customers for not maintaining the required minimum balance in their accounts during 2020-21, according to RTI information. The lender’s revenue earned from such charges stood at Rs 286.24 crore in 2019-20.

Banks levy such charges on a quarterly basis during a fiscal year.

The quarterly average balance (QAB) in the April-June period of 2020-21 stood at Rs 35.46 crore (both on savings and current account); while no such charges were levied in the second quarter of FY21.

In the third and fourth quarters, the QAB non-maintenance charges stood at Rs 48.11 crore and Rs 86.11 crore, respectively, PNB said in a reply to Right to Information (RTI) sought by Madhya Pradesh-based social activist Chandra Shekhar Gaur.

Also, the lender earned Rs 74.28 crore in the form of ATM transaction charges during the year. In the preceding 2019-20, it was Rs 114.08 crore.

The bank said it waived the ATM transaction charges during the first quarter of 2020-21 vide an IBA letter and government guidelines.

In response to a query on the number of operative and inoperative accounts, the lender said 4,27,59,597 accounts were dormant as of June 30, 2021, while a total of 13,37,48,857 accounts were operative.

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