No penalty charges if minimum balance not kept in dormant bank account – RBI
Do you have old inoperative or dormant bank acount? Whether Bank is charging penalty for not keeping minimum balance?
Now RBI has asked banks NOT to penalise account holders for not maintaining minimum balance in their inoperative accounts.
In recent times, there have been cases where due to penalty charges in inoperative accounts, customers had negative balances. And when they went to close such accounts, they were asked to pay up. The latest RBI circular will avoid such situations. Banks cannot slap charges on customers for not maintaining the minimum balance in inoperative savings and current accounts — in which no transactions have been made for two years.
Instead of levying penal charges for non-maintenance of minimum balance in ordinary savings bank accounts, banks should limit s...