Many banks collect penalty charges from their customers for failing to maintain the minimum average balance (MAB) in their accounts. Answering a query in Rajya Sabha, the Ministry of Finance said that HDFC Bank, Axis Bank and Bank of Baroda were the top collectors of the highest penalty charges from their customers for non-maintenance of the MAB. The data for public sector banks is from the Financial Year (FY) 2021-22 to FY 2025-26. While the data for private sector banks is from Rs FY 22-23 to FY 25-26.
According to the data shared by the ministry, HDFC Bank collected around Rs 5,670 crore penalty, Axis Bank collected Rs 3,787 crore and Bank of Baroda collected nearly Rs 2,028 crore from its customers as penalty for failing to maintain the minimum balance.
