The Reserve Bank of India (RBI) has given a big and important directive to the banks, due to which now children of 10 years and above will be able to open their savings account and fixed deposit and operate it themselves without the help of their parents or any guardian. Earlier, children needed their parents or a legal guardian to open any such account, but now after the age of 10, they can do this work themselves.

RBI issued a circular to all commercial banks and cooperative banks on Monday and gave this information. It says that a child of any age can open an account through his parents or guardian, but if his age is more than 10 years, then he can do it himself. He can also open an account by making his mother a guardian.

These are the highlights of the new rule

• If the child is 10 years or above, he/she can open and operate his/her own savings and term deposit account.
• Banks can decide how much money children can deposit and withdraw. All this will depend on the risk management policy of the bank.
• When the child turns 18, the bank will again take a fresh signature sample and account operation method from him.
• Banks can decide whether facilities like internet banking, ATM/debit card, cheque book etc should be given to children or not.

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If there is delay in pension then interest will be given

If a retired employee’s pension is not paid on time, then now the bank will have to pay compensation for that delay. RBI has given clear instructions – 8% annual interest will have to be paid. You will get money without any complaint. The pensioner will not even have to complain to the bank for this. In case of delay, the bank itself will have to deposit the interest amount in the pensioner’s account.

Since when is this rule in force?

This rule is considered applicable from October 2008. That is, if there is a delay in your pension after this, then you should get interest.

Who will get the interest?

This rule applies to those retired employees of the Central Government and State Government whose pension comes through the bank. RBI has clearly said that banks should take full responsibility for sending pension on time. If there is any delay then the bank will have to bear the brunt of it. For pensioners above 70 years of age, the bank will provide the facility of submitting life certificate at home. They will not need to come to the bank.

Digital life certificate is also valid

Pensioners can also submit life certificate digitally through ‘Jeevan Pramaan’ platform. This eliminates the tension of standing in queues. Now banks will have to take the responsibility of pension payment seriously. If they are negligent, they will have to pay compensation directly.

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RBI has issued a new order in the interest of customers. Now if banks and financial companies show reluctance after customer complaints, then they will be punished. RBI has said in its new order that if a customer does not resolve the issue within 30 calendar days from the date of filing a complaint, then the complainant will have to be paid a compensation of Rs 100 per day. This order has been given to the customers due to excessive delay in data update by banks and financial companies like credit information companies (CICs) and credit institutions (CIs).

RBI has said that CIC should inform customers through email or SMS when their credit information is sought by a bank or NBFC and banks should inform customers when they are in default. If this update is not done within 21 days, then the banks should compensate the complainant. This compensation will have to be given at the rate of Rs 100 per day.

RBI has set two deadlines.

RBI has said in its master direction that if CIC (Credit Information Company) fails to resolve the complaint within 30 days of being informed by the complainant, then CIC will have to pay compensation to the complainant. The second deadline is for updating the credit information. If CIC (Credit Institution) does not provide updated credit information to CIC within 21 days of being informed by the complainant or CIC, then it will also have to pay compensation.

How many CICs are working?

Currently, four credit information companies (CICs) have been authorized by the Reserve Bank of India (RBI) in the country. TransUnion CIBIL, CRIF High Mark, Equifax and Experian. The complainant should be informed by the CI/CIC about the action taken on the complaint in every case, including those cases where the complaint has been rejected. In rejected cases, the reasons for rejecting it should also be given.

Update via mobile or mail

RBI has said that Credit Information Companies (CICs) should send alerts to customers via SMS/email when they submit information about default/days delayed (DPD) in existing credit facilities, wherever mobile number/email ID is available. If for some reason the data is not being updated, then the banks and financial companies will also inform their customers about this.

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Due to the great features that come with credit cards, its use is increasing continuously. But there is no doubt that most of the people using credit cards are unaware of some of its very important features. If you have a credit card with a limit of Rs 1 lakh, through which you have done a transaction of Rs 80,000. Now suddenly you have an urgent work and now you have to do a transaction of the entire Rs 1 lakh. In such a situation, can you pay the bill of Rs 80,000 and then do a transaction of Rs 1 lakh again? Under the new credit reporting rules of RBI, this becomes a very important question.

You can spend above the limit even without paying the bill

According to experts, at present, the limit of your card is restored shortly after paying the credit card bill, that is, you can use its full limit shortly after paying the bill. Not only this, if you do not pay the full bill of the card within a billing cycle, then also you can transact more than the limit. However, you will have to pay a charge for this.

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Talk to the bank for Overlimit

Suppose, a card issuer charges 2.5% of the overlimit amount with a minimum fee of 500. This charge can be levied once in a billing cycle. You can talk to your bank or card issuing company to understand this process whether overlimit transactions are allowed on your card and if yes, then how much will you have to charge for this. Apart from this, you can also apply to increase your card limit.

Report has to be given to the bank

The bank will now have to report your credit habits to Credit Information Bureau (India) Limited (CIBIL) or Experian, whereas earlier the bank used to give records of old monthly frequency. This means that your credit score can potentially fluctuate during a month, which was not the case earlier.

What will be the impact on the credit score

Suppose, you have used 80 percent of your card limit, due to which your credit score may decrease slightly. But if you want to pay the bill before the billing cycle ends and the bill is generated, then it will not have any significant impact on your score.

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RBI New Rule On Negative Balance: There was a time when one had to stand in line for hours to complete bank related work. But ever since smartphones have arrived and banking services have gone online, almost all bank related work is done on the phone. However, this has also created some problems. Many people have now started keeping more than one bank account. This has made it difficult to maintain minimum balance and in many situations the balance even goes into minus.

In such a situation, if you ask the bank to close the account, then you are asked to pay the amount which is in minus. But, now the Reserve Bank of India has worked to provide relief to the customers facing such situations. According to the new rules of RBI, if you have not maintained the minimum balance then it can become zero but banks cannot make it minus by charging interest on it.

RBI New Rule On Negative Balance: There was a time when one had to stand in line for hours to complete bank related work. But ever since smartphones have arrived and banking services have gone online, almost all bank related work is done on the phone. However, this has also created some problems. Many people have now started keeping more than one bank account. This has made it difficult to maintain minimum balance and in many situations the balance even goes into minus.

In such a situation, if you ask the bank to close the account, then you are asked to pay the amount which is in minus. But, now the Reserve Bank of India has worked to provide relief to the customers facing such situations. According to the new rules of RBI, if you have not maintained the minimum balance then it can become zero but banks cannot make it minus by charging interest on it.

Account can be closed without paying charges
Even if the balance in your account is showing in minus, banks cannot ask the customer to pay this amount. The bank does not have the right to demand the amount of the balance which has gone negative.

As per RBI guidelines, you do not need to pay a single rupee even if you have a minus balance. This means that your bank account can be closed without any extra charges. Banks cannot take money for this.

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This rule will be applicable from the next financial year 2024-25. This means that this rule will come into effect from April this year.

What is included in the new rules of RBI

Banks cannot classify accounts opened for scholarship or direct benefit transfer as in-active. Even if this account is not active for more than two years, it will not be deactivated.

The Central Bank has given instructions to the bank regarding in-active accounts. Following the instructions given in the RBI circular, the unclaimed deposits in the banking system will reduce and this amount will reach the rightful claimant.

For this, banks should contact these claimants. He can contact through SMS, mail or letter. In this, the bank will inform the customer or account holder that his account is in-active.

There will be no charge for activating the account

If any bank holder wants to restart his inactive account, he can easily get it activated. No active charge will have to be paid for this.

According to a single report released by RBI, there was an increase of 28 percent in unclaimed deposits last year till March 2023. The bank had said that there are approximately Rs 42,272 crore unclaimed deposits.

No one has made any claim on these unclaimed deposits for 10 years. All banks will transfer the amount of this deposit to the Depositor and Education Awareness Fund of RBI.

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According to this rule, if you have taken any kind of loan on property, then the property documents will have to be returned to the customer within 30 days of full repayment (Loan Repayment). If this is not done by the bank, then the customer will have to pay a fine of Rs 5000 per day.

Cases of missing property documents also

This rule has been issued by the Reserve Bank after receiving complaints from customers. RBI received many such complaints in which after loan repayment, customers had to make rounds for months for the property documents. In some cases, the bank also said that property documents were missing. In view of such negligence of the bank, this order has been issued by the Reserve Bank. Let us tell you that when a person takes a home loan or any kind of property loan, the bank keeps the original documents of the property with itself.

Documents have to be returned within 30 days.

After the loan is repaid by the customer, the original documents have to be returned to the bank. But after cases of negligence on the part of banks came to light, RBI has issued this rule. It is expected that after the implementation of this rule, customers will get relief. In the circular issued by RBI to banks and NBFCs, it was said that all the documents should be released within 30 days of full repayment of the loan. If the documents are released by the bank or NBFC after 30 days, then the bank will have to pay a penalty.

It was said in the order that in case of delay in returning the documents, a fine of Rs 5,000 per day will be imposed by the bank or NBFC. The bank will pay the fine amount to the concerned property owner. RBI also said in the notification that if the property documents of a borrower are lost, the bank will have to help the customer in obtaining duplicate copies of the documents.

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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.

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Let us tell you that there is a due date for paying the credit card bill. After the bill is issued, you have to pay the bill by that date. If you do not do this, you have to pay the penalty and there is a risk of bad credit score.

Many times people forget to pay the credit card bill on the due date. In such a situation, they are afraid of getting bad credit score. However, even after the due date, you get the facility to pay the credit card bill without penalty and your credit score does not get affected. Let us know what RBI rules say about this.

Last year, the Reserve Bank had implemented a new rule regarding credit card bill payment. In which provision has been made for bill payment without penalty even after the due date of bill payment. According to this rule, the credit card holder can pay the credit card bill without penalty for 3 days even after the due date, that is, if you have forgotten to pay your credit card bill on the due date, then in the next 3 days without extra money You can pay the given bills.

Credit score will not be affected for 3 days, according to the rules of the Reserve Bank, if you pay your credit card bill for the next 3 days after the due date, then you will neither have to pay any penalty nor will it affect your credit score. . In such a situation, if you forget to pay the credit card bill on due date in a month or the money is not arranged on time, then you will not have to worry for 3 days.

If you do not pay the credit card bill even after 3 days of the due date, then the company will charge you a penalty . The amount of penalty depends on your credit card bill. If your bill is high then you will have to pay more penalty and if it is less then accordingly less penalty will get your work done.

For example, State Bank charges a penalty of Rs 400 on a bill of Rs 500 to Rs 1,000. At the same time, it charges a penalty of Rs 750 for an amount of Rs 1,000 to 10,000 and Rs 950 for a bill of Rs 10,000 to 25,000.

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