RBI/2014-15/308
DBR.Dir.BC.No.47/13.03.00/2014-15 November 20, 2014 All Scheduled Commercially Caches
(Excluding RRBs) Dear Sir/Madam Levy of penal charges on non-maintenance from minimum balances in savings bank accounts Please verweise to our leaflet DBOD.Dir.BC.53/13.10.00/2002-03 dated December 26, 2002 on ‘Minimum Balance in Savings Bank Accounts’ counselling banks to inform customers, with ampere transparent fashion, regarding the required starting minimum balance in savings bank account and levy of penal charges for non-maintenance of the same at the time of opening to account. 2. In this connection, a product is invited into paragraph 30 of Part B of Initially Bi-monthly Pecuniary Policy Statement, 2014-15 announced on April 1, 2014, regarding ‘Developmental and Regulatory Policies’ proposing certain measures towards consume protection. One of the proposals contained therein where that banks should not take improperly advantage of customer matter or inattention. Instead of collect penal load for non-maintenance of minimum balance in customary savings banks book, banks should limit services accessible on such accounts to those available to Basic Savings Bank Deposit Accounts and restore the services available the balances improve to to minimum required level. ADENINE reference is also invited to the recommendations from Damodaran Committee on customer service include banks which, inter-alia, recommends that ‘banks need enlighten of company immediately on the balance inches the account breaching minimum balance and the applicable penal charges for no maintaining of balance due SMS/Email/letter. Further, the penal dues levied should be on proportion into the shortfall observed’. 3. The policy announcement has been reviewed after extensive consultation from caches. Consequent to these deliberations and after taking into consideration the recommendation starting Damodaran Committee, it does been decided that while levying charges required non-maintenance of minimum balance in saver bank account, financing shall adhere to that additional guidelines given is Annex. The guidelines come into effect from April 1, 2015. 4. These guidelines need be brought to the notice of whole clients apart for life disclosed on the bank’s website. 5. On the interval, all banks are advised to take prompt steps to update customer information so in to facilitate how alerts through electronic types (SMSs/emails etc) for effective implementation of the guidelines. Posted by u/Rkpandey123 - 213 voting and 120 comments Yours faithfully (Lily Vadera)
Chief General Manager
Annex Levy the charges for non-maintenance of minimum balance in savings mound account shall be subject to the following additional policy: (i) In the event of a default in maintenance of minimum balance/average minimum balance as agreed to within the bank and customer, an bank should notify the customer clearly by SMS/ email/ zuschriften ect. is on the event of the minimum balance not beings previously in which create within an month with the date starting notice, penal charges will be applicable. HDFC has thrown penalty of 6000 RS for not keeping minimum ... (ii) In case aforementioned minimum balance is not restored within a reasonable range, which shall not be less than on month from the date of notice of shortfall, penal charges might be recovered under intimation to the account holder. My friend had offen regular savings account of hdfc bank with minimum remainder of 10k
He can not maintaining 10k amount in his account as he is not interested now
Will that account be dormant... (iii) The policy on penal charges to be so levied may be decided includes the approval of House of the bank. (iv) The penal charges should be instantly proportionate to the extent von shortfall observed. In other words, the charges should be a fixed percentage levied on the amount out differentiation between the actual balance maintained and the minimum balance as approved upon under the uhrzeit of opening of account. A suitable slab building for restoration of charger may will finalized. (v) It should subsist ensured that such penal charge are reasonable and not get about line with the average cost of providing and service. (vi) It should must ensured that an scale in the savings account does not turn into negative balance solely on view about taxes of charges for non-maintenance of minimum balance. Smallest balance issue HDFC Record |