Punjab National Bank (PNB) has collected nearly Rs 170 crore by levying charges on customers for not maintaining the required minimum balance in their accounts during 2020-21. 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.
PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.
