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RBI New Rules on maintaining minimum balance in bank account

Reserve Bank of India has made major changes regarding minimum balance in accounts. If you are not using a bank account then you will not have to pay minimum balance charge. RBI said that banks cannot impose penalty for not maintaining minimum balance on those accounts which have become inactive.

This includes those accounts in which no transaction has been done for more than 2 years. This new rule will come into effect from April 1st.

RBI issues new rules on inoperative, unclaimed savings :-

What else is there in the new rules of RBI  :-

RBI also said that banks cannot classify accounts opened to receive scholarships or direct benefit transfers as inoperative. Even if these accounts have not been used for more than two years. RBI has issued a circular for inoperative accounts. Through which instructions have been given to the banks.

RBI said in its circular that these instructions have sought to reduce unclaimed deposits in the banking system and return such amounts to their rightful claimants.

How to contact Custer Bank  :-

According to the new rules of RBI, banks will have to inform the customers about their accounts being deactivated through SMS, letter or mail. In this circular, banks have also been told that if the owner of an inactive account does not respond, then the banks should contact the person who introduced the account holder or the nominee of the account holder.

No charge for activating account :-

According to the new circular of RBI, banks are not allowed to impose penalty for not maintaining minimum balance in deactivated accounts. According to the rule, no charge will be taken for activating the deactivated accounts.

According to the latest report of RBI, there has been an increase of 28 percent in unclaimed deposits by March 2023 and it has reached Rs 42272 crore. Banks will transfer the balance of those deposit accounts which have not been operated for 10 years or more to the Depositor and Education Awareness Fund of RBI.

Earlier, RBI had directed the banks to ensure that the balance in the accounts does not become negative due to penalty charges for not maintaining the minimum balance. Even after this, many banks continue to impose penalty.


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