RBI made big changes regarding minimum balance in accounts, now you will not have to pay any charge

New Delhi. There are two types of bank accounts, one is current account and the other is savings account. Many people do not maintain minimum balance in their savings account. If a person does not maintain the minimum balance (Bank Account Minimum Balance Rule) in his savings account, then he has to pay a fine. RBI has made new rules regarding this.

Read :- Kotak Mahindra Bank: RBI bans issuance of new credit cards of Kotak Mahindra Bank

According to the circular of the Central Bank (RBI), no charge will have to be paid for not maintaining minimum balance in inoperative accounts. Banks will not be able to charge minimum balance on inoperative accounts in which no transaction has taken place for more than 2 years. These rules of RBI have come into effect from date one.

Reserve Bank of India has made major changes regarding minimum balance in accounts. If the customer is not using the 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 accounts which have become inactive. This includes those accounts in which no transaction has been done for more than 2 years.

What else in the new rules of RBI

The Reserve Bank 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 2 years. The Central Bank has issued a circular for inoperative accounts. Through which instructions have been given to the banks. RBI said in its circular that these instructions seek to reduce unclaimed deposits in the banking system and return such amounts to their rightful claimants.

Read :- Big announcement of Reserve Bank, now you can make cash deposit through UPI

How to contact customers bank

According to the new rule 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 a dormant 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 account activation

According to the new circular of the Reserve Bank of India (RBI guidelines for minimum balance penalty), banks are not allowed to impose penalty for not maintaining minimum balance in deactivated accounts. As per rules, no charge will be taken for activating inactive accounts.

According to the latest report of the Central Bank, unclaimed deposits have increased by 28 percent till March 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, the Reserve Bank had instructed 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.

Read:- Now taking loan from Bank of India will be expensive, know since when and how much has the loan become expensive?

How does the bank charge penalty from customers?

If there is less than the minimum balance in any bank account, the account becomes negative. Whereas when the customer deposits money in it, the penalty amount is first deducted by the bank. Suppose a penalty of Rs 1000 has been imposed for not maintaining minimum balance in a bank account, then as soon as you deposit Rs 5,000 in that account, the bank will first deduct Rs 1,000 from it and the customer will only Only Rs 4 thousand will be returned.