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 !
CAclubindia
