RbiSearchHeader

Press escape key to go back

Past Searches

Theme
Theme
Text Size
Text Size
S2

Notification Marquee

RBI Announcements
RBI Announcements

RbiAnnouncementWeb

RBI Announcements
RBI Announcements

Asset Publisher

79144251

RRBs - Levy of penal charges on non-maintenance of minimum balances in inoperative accounts

RBI/2013-14/611
RPCD.RRB.BC.No.105/03.05.33/2013-14

May 27, 2014

The Chairmen
All Regional Rural Banks

Dear Madam/Sir,

Levy of penal charges on non-maintenance of minimum balances in inoperative accounts

Please refer to Part B of the First Bi-monthly Monetary Policy Statement 2014-15 announced on April 1, 2014, proposing certain measures towards consumer protection such as non-levy of penal charges for non-maintenance of minimum balance in any inoperative accounts.

2. In this connection, a reference is invited to para 4.4 of our circular RPCD.CO.RRB.BC.No.100/03.05.33/2013-14 dated May 12, 2014 on Customer Service in Regional Rural Banks wherein RRBs were advised to inform customers regarding the requirement of minimum balance in savings bank account and levy of charges for non-maintenance of the same at the time of opening the account in a transparent manner.

3. In terms of para 3 of our circular RPCD.CO.RRB.RCB.BC.No.24/07.38.01/2012-13 dated August 22, 2012 on ‘Financial Inclusion- Access to Banking Services - Basic Savings Bank Deposit Accounts’ RRBs were advised that no charge should be levied for non-operation/activation of Basic Savings Bank Deposit Accounts (BSBDAs).

4. It is advised that, henceforth RRBs are not permitted to levy penal charges for non-maintenance of minimum balances in any inoperative account.

Yours faithfully,

(A.Udgata)
Principal Chief General Manager

RbiTtsCommonUtility

PLAYING
LISTEN

Related Assets

RBI-Install-RBI-Content-Global

RbiSocialMediaUtility

Install the RBI mobile application and get quick access to the latest news!

Scan Your QR code to Install our app

RbiWasItHelpfulUtility

Was this page helpful?