RBI New Rule on Bank Account Minimum Balance, Know Details

The rules of the banking sector are regulated by the RBI. RBI keeps issuing guidelines from time to time in matters related to banks. Many times banks violate the rights of customers, then RBI helps the consumer. It is a government body. RBI also has a guideline regarding the minimum balance in the account. In which it is told how much money the bank can deduct and how it can be deducted. What will happen if there is zero balance.

Nowadays all the work of the banking sector is being done through phone. People use UPI etc. and do transactions in minutes. But still there are many works which are done only by going to the banks. At the same time, rules have also been made regarding balance in banks. According to these rules, a rule of minimum balance has been made in the bank account as per the instructions of RBI. Under this, it is necessary to have a minimum balance in the consumer’s account.

In this, the minimum balance is different according to every bank. At the same time, the minimum balance limit is also different according to the city and place. Many times we think that as soon as the minimum balance is reached, the bank will charge us a penalty, but this is not the case. Let us know everything about the minimum balance.

Rs 8500 crore has been collected from customers.

Very often, individuals will open several accounts, but then they will not maintain a minimum balance. For this, the banks penalize the account holders. Sometimes, individuals empty their accounts under force majeure conditions, but the penalty still applies. Crores after crores are being amassed within the profit pools of banks as penalty terms for minimum balance consumers. Over the last 5 years, government banks have extorted approximately Rs 8500 crore from customers as minimum balance penalty. Many times, banks make the account balance negative, and when you want to close the account, they demand payment. It has been set by RBI clearly regarding this.

BANKING RULES OF RBI REGARDING MINIMUM BALANCE

Your balance remains below the minimum balance, therefore the bank lets you keep the balance. This period is for 30 days. As per the RBI guidelines, when the balance in the account drops, the bank will be informed by message or email to the consumer. If it later fails to maintain the balance, the bank may charge the account.

How can amounts get deducted?

Rules about minimum balances differ on the bank. Other cities may also matter. The same amount will definitely be lesser fees in a rural bank and higher fees in a city. Even more so in metropolitans and metro cities.

As per RBI rules, banks cannot charge any amount of penalty according to their whims. It is above that slab only. The bank can deduct according to the ratio of the less amount. So the next question that arises is what will happen to the zero balance case.

you can complain to the RBI

RBI has also clarified that there is not any requirement for maintaining a zero balance in a bank account. The banks err on account of minus balance accounts. But RBI bears the strict instructions that your account can’t be put into minus by any bank. A zero-balance account could be shut down by the account holder, and the bank cannot even demand that per minus amount, if it does so, file a complaint with RBI.

The bank will not have its way

There’s no need to panic if your bank has pushed your account into negative balance after maintaining zero balance. Your bank doesn’t put an account into minus. If it does then you can go to the official website of RBI and register your complaint. You can also mail RBI. RBI can also take action against the bank based on your complaint.

These accounts do not need any minimum balance.

Barring some accounts, the minimum balance is waived by RBI. If you are working, get your salary account opened in your company. A salary account does not require keeping any mandatory balance. No minimum balance trouble would arise with Jan Dhan accounts either.

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