ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Rbi guidelines on minimum balance

Sumit Grover (Chartered Accountant ) (3647 Points)

21 November 2014  

RBI guidelines for charges on non-maintenance of minimum balance:

1) Banks should notify the customer clearly by SMS/ email/ letter etc. that in the event of the minimum balance not being restored in the account within a month from the date of notice, penal charges will 
be applicable.

2) Penal charges should be reasonable and not out of line with the average cost of providing the services.

3) Balance in the savings account should not turn into negative balance solely on account of levy of charges for non-maintenance of minimum balance.

Source- Notification dated 20th Nov'14 issued by Apex Bank 

https://rbidocs.rbi.org.in/rdocs/notification/PDFs/MBLRDC201114.pdf


 2 Replies

CA AnKiT BoHrA (AB) (Manager) (25955 Points)
Replied 21 November 2014

Good sharing...!!yes

Irfan Khan (CA FINAL) (494 Points)
Replied 21 November 2014

Good info.....


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Related Threads


Loading



Subscribe to the latest topics :
Search Forum:

Trending Tags