2019
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Rs 1, 996.46 crores
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Rs 3, 996.46 crore
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Rs 2, 996.46 crore
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Rs 996.46 crore
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Detailed explanation-1: -The Logical Indian. Public sector banks collected ₹1,996.46 crore penalty from customers who did not maintain minimum monthly balance in their savings account in 2018-19, Minister of State for Finance, Anurag Singh Thakur, informed the Parliament on November 25.
Detailed explanation-2: -There is no limit on the penal charges that a bank will charge for the non-maintenance of the minimum balance. The charges have to be approved by the bank’s board. Charges will vary from bank to bank and from branch to branch as well. Penalty charges for branches in semi-urban and rural areas will be lower.
Detailed explanation-3: -For bank accounts, the minimum balance is the minimum dollar amount that a customer must have in an account to receive some service benefit, such as keeping the account open or receiving interest.
Detailed explanation-4: -Bank of India Savings Account Minimum Balance In some cases, a monthly balance of Rs. 500 needs to be maintained.