For individuals who own bank accounts, there is crucial news. If you also own a closed, dormant account with any bank. The RBI has recently expressed significant relief. According to the Reserve Bank, banks are no longer allowed to charge customers for failing to keep a minimum level on inactive accounts.
If you haven’t made any
transactions from your account for two years in a row, according to the Reserve Bank. Furthermore, since the account has ceased to be operational, the bank is unable to levy any fees for failing to maintain the required balance. Additionally, scholarship accounts won’t be charged. Furthermore, the Reserve Bank has declared that banks are not permitted to charge a minimum balance for accounts opened for direct benefit transfers or scholarship amounts. even in cases when these accounts haven’t been used in over two years. The banks have received this directive from the Reserve Bank of India (RBI).
Interest will constantly be shown in you.
As per a report published in the Economic Times, banks are obligated to provide income on savings accounts even in the event of their inactivity. Government plan accounts will not be deemed inactive even in the event of a zero balance. There won’t be a minimum balance penalty either.
Aid in lowering the amount of unclaimed money
The Reserve Bank has reduced the number of unclaimed accounts and unclaimed funds in the banks by taking this action. According to the RBI’s circular. Following these guidelines will assist in lowering the quantity of unclaimed deposits in the banking sector. Additionally, it will assist in giving the unclaimed deposits back to the legitimate owners or claimants. The Reserve Bank and banks are working towards this.
Communication by mail and SMS
The new regulations require banks to notify clients via email, letter, or SMS when their accounts are being closed. Additionally, banks are instructed to get in touch with the individual. Who opened the account if the owner does not reply and has introduced the account holder or the nominee of that account? The amount that went unclaimed rose by 28%. As to the latest report by the RBI. The amount of unclaimed deposits rose by 28%, from Rs 32,934 crore to Rs 42,272 crore by the end of March 2023. The RBI has previously instructed banks to make sure that account balances did not go negative as a result of penalties for not keeping the minimum balance. Banks have continued to charge penalties even after this. And numerous instances of this have been made public.
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