Banks minimum balance charges: hefty payments you really should know about
Shaikh Inside Banks minimum balance charges: 5 hefty payments you really should know about : Non-maintenance of minimum average balance in savings bank accounts is not the only thing which attracts charges. There are lots of other things for which hefty charges are levied by banks. Competition is the best way of safeguarding yourself from any malpractice by any banker. By all means do maintain relations with more than one banker. Many Indian banks are in the news again for levying hefty charges for non-maintenance of minimum average balance (MAB) in savings accounts. And the State Bank of India (SBI) tops the list for collecting a whopping Rs 1,771 crore during April to November 2017 as charges for the same. Interestingly, the amount is said to be more than SBI’s July-September quarter net profit of Rs 1,581.55 crore and nearly half of the Rs 3,586 crore it earned as net profit during April to September last year. Like SBI, many other banks have also collected ...