Banks are not permitted to levy penal charges for non-maintenance of minimum balances in any inoperative account-RBI

RBI has advised that henceforth banks are not permitted to levy penal charges for non-maintenance of minimum balances in any inoperative account. This is in line with the announcement made in 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.

Earlier, in circular 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).

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