HDFC Leads Private Sector in FY2026 Minimum Balance Charges

Data released in the upper house shows that HDFC Bank emerged as the biggest collector of minimum‑balance fees among private lenders in fiscal year 2026, levying a total of ₹1,798.14 crore on accounts that fell short of the required average balance.

The broader landscape reveals that private banks together amassed ₹4,948.71 crore in FY 2026, more than double the ₹2,137.92 crore gathered by public‑sector banks during the same period.

Axis Bank followed HDFC with a charge of ₹1,081.33 crore, together representing nearly 58 percent of the private‑sector total. ICICI Bank, Kotak Mahindra Bank, Yes Bank and IDBI Bank contributed ₹353.50 crore, ₹290.65 crore, ₹195.05 crore and ₹175.15 crore respectively.

On the public front, State Bank of India posted ₹477.27 crore, but the amount applies only to current‑account penalties. Savings‑account penalties were abolished by SBI in March 2020. Bank of Baroda and Indian Bank recorded ₹394.10 crore and ₹299.17 crore.

The Ministry of Finance highlighted a steep decline in such fees across public banks, noting that ten out of twelve have completely done away with minimum‑balance charges on savings accounts. The remaining two have adjusted the fees to reflect board‑approved policies and market needs.

BSBDA accounts, including those opened under the Pradhan Mantri Jan‑Dhan Yojana, continue to enjoy exemption from minimum‑balance requirements, safeguarding roughly 73 crore accounts from any penalty.