SBI had suspended this charge in July 2012 to expand its customer base and generate low-cost deposits, as those in savings account earn interest rate of only 4 per cent. The bank said it is resuming the charge to partly cover costs for maintaining systems and operations of savings accounts. The charge will be calculated based on the gap between the MAB and the actual balance in the accounts.

The charges would apply to savings as well as salary accounts effective from today, leading private sector player HDFC Bank said in a circular.

However, there are no plans to change foreign portfolio investment limit for the banking sector which is presently pegged at 74 per cent, sources said.

For instance, Axis Bank reported a 73% y-o-y fall in its December quarter net profit to R579.57 crore as its provisions rose more than five times over the same period last year. The bank’s gross non-performing assets (NPAs) for the quarter jumped 105 basis points (bps) sequentially to 5.22% of total advances. The bank’s watch list reduced 20% over the previous quarter and stood at R11,091 crore, leading to a rise in bad loans.

HDFC Bank is a favourite stock of foreign portfolio investors (FPIs), and the foreign investment cap of 74 per cent of its equity is typically fully utilised. On Thursday evening, the central bank had lifted restrictions on fresh purchases by foreign investors, as their stake had dropped below the prescribed limit. On Friday, FPIs rushed to buy the stock and the limit was crossed.

BBPS is a centralized system created by National Payments Corporation of India involving banks and non-banks, which allows agents to access bill payments services in an interoperable manner. Customers can now pay their utility bills like electricity, gas and water bills instantly without registering the biller.

The move assumes significance as the government post demonetisation has been encouraging people to shift to a cash-less or less-cash regime and use digital mode for transactions.

The bank, which reported its slowest profit growth ever at 15% for the December quarter, saw total headcount reduce to 90,421 on 31 December 2016 as against 95,002 in 30 September 2016. In an e-mailed response, the country’s most valuable bank sought to de-link the reduction in employees from any other factor but efficiencies and lower hiring.

A Reuters poll had forecast HDFC Bank’s third quarter net profit at Rs 3,788 crore.