Not just SBI: PNB, BoB, BoI also charge for defaulting on minimum balance

PNB, BoB, BoI, Canara Bank already charge customers for failing to maintain a minimum balance

State Bank of India is mulling charging a levy from April 1 from customers who fail to maintain a minimum monthly balance in their savings accounts — its peers are already doing it.

Punjab National Bank (PNB), Bank of Baroda (BoB), Bank of India (BoI) and Canara Bank already charge their customers a levy for failing to maintain a minimum balance for a quarter or a month.

Rural customers of Delhi-based PNB need to maintain a quarterly average balance (QAB) of at least Rs 500. For those in semi-urban, urban and metropolitan areas, the QAB is Rs 1,000. Charges for