Monday, 7 April 2014

Banks can no more penalise customers just on minimum balance:

Bankers in India have a practice of imposing penalty on the customers whose savings bank account balances go down the minimum balance level prescribed for the purpose. It is a sigh of relief for those customers whose savings bank account(s) balance is below the minimum prescribed after Reserve Bank of India issued the directions to do away with the penalty resorting to cutting down certain special services like cheque book instead. The directive so released reads like this:

  • “Banks should not take undue advantage of customer difficulty or inattention. Instead of levying penal charges for non maintenance of minimum balance in ordinary savings bank accounts banks should limit services available on such accounts to those available to basic savings bank deposit account and restore the services when the balances improve to the minimum required level”.
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