In today’s time, everyone has a bank account. But sometimes people do not maintain minimum balance in the bank account or do not use the account for a long time. In such a situation, the bank either closes the bank account or imposes a penalty. But this will not happen now. Actually, a big update has come out for the account holders from RBI i.e. Reserve Bank. RBI has changed the rules regarding minimum balance. Which will be applicable from 1st. Let us know in detail in the news below-
Reserve Bank of India (RBI) has made major changes regarding minimum balance in accounts. If you are not using a bank account then you will not have to pay minimum balance charge. RBI said that banks cannot impose penalty for non-maintenance of minimum balance on those accounts which have become inactive. This includes those accounts in which no transaction has been done for more than 2 years. This new rule will come into effect from April 1.
What else is there in the new rules of RBI-
RBI 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 two years. RBI 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.
How to contact Custer 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 activating account-
According to the new circular of RBI, banks are not allowed to impose penalty for not maintaining minimum balance in deactivated accounts. As per the rules, no charge will be taken for activating inactive accounts.
According to the latest report of RBI, there has been an increase of 28 percent in unclaimed deposits by March 2023 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, RBI had directed banks to ensure that the balance in the accounts does not become negative due to penalty charges for not maintaining minimum balance. Even after this, many banks continue to impose penalty.
