Minimum Balance Fees: No minimum balance fees for “Inactive Accounts”: Reserve Bank of India

MUMBAI: The RBI said that Banks cannot impose any Penalty for failure to maintain the minimum balance on accounts that are not functional – that is, on accounts that have not recorded any transactions for more than two years. It also added that banks cannot classify accounts created to receive scholarship funds or direct benefit transfers as non-functional, even if they have not been used for more than two years.
The directive to banks is part of the new RBI circular non-functional accounts – and part of its efforts to reduce the level of unclaimed bank deposits. The new rules come into force on April 1st.
“These instructions are intended to complement the ongoing efforts and initiatives of banks and RBI to reduce the amount of unclaimed deposits in the banking system and return these deposits to their rightful owners/beneficiaries,” RBI said in its circular.
Under the new rules, banks must inform their customers via SMS, letter or email that their accounts are no longer functional. Banks have also been asked to contact the person who introduced the account holder or their authorized representative if the holder of an inactive account does not respond.
“Banks are not allowed to charge penalties for failure to maintain the minimum balance in an account that is classified as a non-functional account. No fees shall be charged for activating non-functional accounts,” the rules state. According to a recent RBI report, unclaimed deposits rose 28% to Rs 42,272 crore by end-March 2023 compared to Rs 32,934 crore a year ago. All balances in deposit accounts that have not been used for ten years or more must be transferred by banks to the Depositor and Education Awareness Fund managed by the RBI.
In the past, the RBI had directed banks to ensure that account balances do not turn negative due to penalty charges for non-maintenance of minimum balances. Nevertheless, it happened again and again that banks continued to impose punitive measures.

Sybil Alvarez

"Incurable gamer. Infuriatingly humble coffee specialist. Professional music advocate."

Leave a Reply

Your email address will not be published. Required fields are marked *

naughty cam girls adultcamslive.cc karly_angel
hindi sex clips xlxx.pro sexy hot imges
vasundhara kashyap nude video tubeshere.info indian xvideoa
sexy lady bf tubeband.mobi girl with horse sex
xmxx motherless.pro mallu mms scandal
سكس ىابانى eroplaytube.com سكس\
wwww xxxx vidos pornindianhub.info www.xxx movie
tamil pornhub 2beeg.mobi chudaimaza
lobsters tube zatube.mobi gujarati sex videos
indian bollywood porn pornogator.net kochikame porn
bengali actress porn video free-porn-hose.net xvideo bangladeshi
boss secretary sex hdsexword.mobi xxx dasi sex video
sexxx3 hamsterporn.mobi malayalam sex with
garo xxx video brostube.mobi todayspkmovies
rajasthan sax video pelisporno.org andhra sexy video download