HDFC Bank, Axis Bank collect highest penalties from customers for non-maintenance of minimum average balance; Bank of Baroda tops public sector bank list
HDFC Bank and Axis Bank collected the highest penalties from customers for non-maintenance of minimum average balance (MAB), with HDFC Bank imposing ₹5,670 crore and Axis Bank ₹3,787 crore. Bank of Baroda led the public sector banks with ₹2,028 crore in penalties, while Punjab National Bank and Indian Bank followed with ₹1,896 crore and ₹1,777 crore, respectively. The Finance Ministry revealed this data in a Rajya Sabha reply, noting that most public sector banks have withdrawn these penalties for savings accounts.