Then the customer is left with no option but to close the account. But even when you go for account closing, the bank officials do not close your account and say that after clearing the minus amount, your account may be closed. If you are also facing the same problem, then let us tell you what the RBI rule says about this.

Maintain minimum balance

Nowadays everyone gives preference to savings bank account. Banks keep a condition while opening a savings account from the customers that after opening the bank account, they have to maintain a minimum balance in the account. This minimum balance limit is also decided by the banks themselves. If the minimum balance is not maintained in the customer’s account, then penalty will be deducted from his account. But, let us tell you, doing so is subject to RBI rules.

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What does the RBI rule say

Under the rules of RBI, the bank cannot deduct money from the customer’s account even if there is no minimum balance. At the same time, by deducting in the name of penalty, the bank cannot make the customer’s account in minus. Still, if a bank does this, the customer can go to the RBI and complain about the bank.

where to complain

If the bank makes your account negative by deducting the money, then you can complain about it by visiting the RBI website. Based on your complaint, RBI will take action against the bank.

The post RBI New Rule: Penalty will not be imposed even if the account balance is zero, know rule here first appeared on Rightsofemployees.com.

The minimum balance limit varies from different banks. Recently, Jan Dhan accounts were opened on behalf of the Central Government. There is no compulsion to maintain minimum balance in this type of account.

It may be that the decision to abolish the penalty for maintaining minimum balance has been made recently by the Minister of State for Finance, Bhagwant Karad. He said that the board of directors of banks can take a decision to abolish the penalty on the accounts of those who do not keep the minimum balance (minimum amount).

Karad said in response to a question that banks are completely independent bodies. The Board of Directors of banks may decide to abolish the penalty for non-maintenance of minimum balance.

Recently, the question related to maintaining the minimum balance of the account was asked from the Minister of State for Finance Karad by the media. The media had questioned whether the Center is considering ordering banks not to impose any penalty on accounts in which deposits fall below the minimum prescribed level.

On this, he said that this decision should be taken by the banks. If this decision is taken by the banks, then the customers of all big and small banks will get its benefit.

The post Account Minimum Balance Rules: The hassle of maintaining minimum balance in this bank’s account is over! first appeared on Rightsofemployees.com.