From SBI to PNB: How much PSU banks made from minimum balance & SMS charges

As per data provided by the Ministry of Finance in Parliament, Punjab National Bank (PNB) has received the highest amount among all public sector undertaking (PSU) banks from its savings account customers for the non-maintenance of the minimum balance in Financial Years FY 2022-23, FY 2023-24 and FY 2024-25.

As far as the highest amount received for providing SMS facilities to its customers is concerned, for the same financial years, Union Bank of India grabs the first position among all PSU banks.

Highest amount received for non-maintenance of minimum balance amount in savings accounts in FY 22-23, FY 23-24 and FY 24-25

As per the data provided by Pankaj Choudahry, State Finance Minister, the total amount PNB received from its customers for the non-maintenance of the minimum balance amount in savings accounts in the three financial years is Rs 1,577.87 crore.

Bank of Baroda stands second with Rs 1272.17 crore, while Indian Bank received Rs 1,166.27 crore to be in the third position.

Here are the details of charges collected by nationalised banks on account of non-maintenance of minimum balance during the last three Financial Years.

Charges levied for non-maintenance of minimum balance (Rs crore) — highest to lowest

Bank	FY 2022-23	FY 2023-24	FY 2024-25	Total
Punjab National Bank	486.16	674.04	417.67	1577.87
Bank of Baroda	387.52	443.3	441.35	1272.17
Indian Bank	295.23	367.66	503.38	1166.27
Canara Bank	390.85	358.67	277.71	1027.23
State Bank of India	211.47	302.95	418.4	932.82
Bank of India	174.99	194.25	170.83	540.07
Union Bank of India	128.7	188.21	178.84	495.75
Bank of Maharashtra	131.77	143.69	152.86	428.32
Central Bank of India	150.81	135.31	97.19	383.31
UCO Bank	18.3	43.43	53.56	115.29
Punjab & Sind Bank	19.02	42.53	48.57	110.12
Indian Overseas Bank	13	15.06	15.55	43.61

Highest amount received for providing SMS facility to customers in FY 22-23, FY 23-24 and FY 24-25

Union Bank of India received Rs 1,188.14 crore for providing SMS facility to its customers in the Financial Years 22-23, FY 23-24 and FY 24-25.
Canara Bank received Rs 506.28 crore for providing the same services to be in second place. Bank of Baroda is in third position after receiving Rs 202.42 crore in SMS charge fees in the three financial years.

Here are the details of the amount of charges collected by nationalised banks on account of providing SMS facilities during the last three years below.

Charges levied for providing SMS facilities (Rs crore) — highest to lowest

Bank	FY 2022-23	FY 2023-24	FY 2024-25	Total
Union Bank of India	301.15	392.59	494.4	1188.14
Canara Bank	176.59	135.82	193.87	506.28
Bank of Baroda	176.81	13.52	12.09	202.42
Central Bank of India	134.02	114.74	59.96	308.72
Punjab National Bank	127.3	104.97	128.18	360.45
Indian Overseas Bank	85.22	31.79	87.88	204.89
Bank of India	58.77	58.89	66.12	183.78
Bank of Maharashtra	54.44	29.98	33.44	117.86
Indian Bank	43.38	53.66	85.45	182.49
UCO Bank	34.55	35.47	43.25	113.27
Punjab & Sind Bank	0.96	5.85	12.96	19.77
State Bank of India	0	0	0	0

Replying to a query in Parliament, Choudhary says banks offer zero-balance savings bank accounts, including Basic Savings Bank Deposit Accounts (BSBDAs) and accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), which do not require the maintenance of any minimum balance and provide basic banking services such as deposits, withdrawals and ATM access free of charge, without levy of penal charges for the non-maintenance of minimum balance.

Adding further, Choudary said: “In respect of regular savings bank accounts, public sector banks have waived or rationalised minimum balance charges in accordance with their Board-approved policies and commercial considerations, with a view to enhancing customer centricity. Such charges, where applicable, are governed by the banks’ Board-approved policies and the extant guidelines of the Reserve Bank of India (RBI), which require that the charges are reasonable, transparent, and aligned with the cost of providing the services.”

Savings accounts often come with certain conditions, including the requirement to maintain a minimum balance. If the balance drops below the prescribed limit, some banks typically levy a penalty. Alongside this, customers who opt for SMS alert services are also charged a fee.

State Bank of India (SBI) waived off minimum balance maintenance charges on its savings accounts in 2020. In July 2025, many PSU banks, including PNB, Bank of Baroda, Bank of India, Indian Bank, Canara Bank removed the minimum balance criterion in the majority of cases and in some cases, on all of their savings accounts. What is the Average Monthly Balance (AMB) for a savings account?

The average monthly balance (AMB) is the minimum balance that a customer is required to maintain in his/her bank account. If the balance in the bank account falls below the required amount, then banks levy a penalty for failing to maintain the AMB. The penalty varies based on the type of savings account.