Saving bank minimum balance penalty

Harish S (Professional) (63 Points)

28 May 2015  

Hello can anybody solve my query urgently.

I have  an old Saving account with icici bank which is lying dormant/inactive(no transactions) for the last 4 years and now the balance become zero due to charges. Now i want to operate this account my depositing money. And i know that as soon as you  deposit money,  accumulated minimum balance charges eat into your deposits ( i experienced this once with Axis Bank !)

But i know as per RBI directive issued in the year 2014,  NO  minimum balance penalty should be levied on dormant/inactive accounts. So i spoke with bank officials and they are not giving straight answers and suggesting me to open new account. But i need the old account as it is linked to my share trading account and my current address is also changed. My query is:

a) can the bank charge penalty in my case for  periods before the RBI directive came into effect.

b) Can i claim refund of charges already deducted by the bank.

awaiting your reply. thanks in advance !