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

State-owned 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.