Standing order from RBI to banks!
Posted on: 07/May/2014 2:12:42 PM
Some banks follow the practices of penalising the savings accounts holders when they do not keep the minimum balance.
The Reserve Bank of India issued an order yesterday (6th May) to stop this.
The order clearly mentions that the banks are not permitted hereafter to levy fines for not keeping minimum balance.
It says further that instead of charging fines, the banks may consider withdrawing some of the services rendered by them to the savings accounts holder. This can be restored when the minimum balance is arranged.
It is worth noting that some banks like State Bank of India DO NOT Charge any Penalty for not keeping the minimum balance!
