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Customer protection against levy of bank charges on minimum balance

Reserve bank of India issued a direction no. 109 dated 6 May 2014 about customer protection against levy of non maintenance on minimum balance in inoperative accounts. Full direction is as under.

  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 our circular DBOD. Dir. BC. 53/ 13.10.00/ 2002-03 dated December 26, 2002 on ‘Minimum Balance in Savings Bank Accounts’ advising banks to inform customers regarding the requirement of minimum balance in savings bank account and levy of penal charges for non-maintenance of the same at the time of opening the account in a transparent manner.

3. Further, in terms of para 3 of our Circular DBOD. No. Leg. BC.35/09.07.005/2012-13 dated August 10, 2012 on ‘Financial Inclusion- Access to Banking Services - Basic Savings Bank Deposit Accounts’ it was advised to banks that no charge should be levied for non-operation/activation of Basic Savings Bank Deposit Accounts (BSBDAs).

4. It is advised that henceforth banks are not permitted to levy penal charges for non-maintenance of minimum balances in any inoperative account.
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  1. All PSU BANKS like SBI,IOB are CHOR BANKS nonchalantly debiting innocent clients getting even Rs.1400/- Pension pm @Rs.15/- pm to make good their COLOSSAL LOSSES.Nationalisation is synonymous with PUBLIC LOOT