RBI Announces No Charges on Inactive Accounts: Positive News for Bank Customers!

Reserve Bank of India has announced that from now on banks will not impose any kind of penalty fee for not maintaining a minimum balance on inoperative accounts! So now the Reserve Bank has given big relief to the customers.

No penalty fees will be charged from any inactive account from now on!

The Reserve Bank has said that from now on banks cannot impose any kind of penalty to those customers who are not maintaining minimum balance on any kind of inoperative accounts. The Reserve Bank of India has said that if anyone has not done any transaction from their account for years and if that account has now become inactive, then the bank cannot impose any kind of charge on it. Banks used to charge a penalty for not maintaining a minimum balance.

the Reserve Bank has also announced that from now banks also won’t be able to impose any kind of minimum balance charge on the accounts created for scholarship amounts or direct benefit transfers. Even if those accounts have not been used for more than 2 years. The Reserve Bank of India (RBI) has given this instruction to every bank.

The instructions said banks will always have to keep paying interest on the savings account even if that account has been inactive. Even zero-balance accounts which are included in government scheme accounts, will not be considered inactive. Also, a minimum balance penalty will not be imposed on those too. According to the new rules, banks must inform their customers about any deactivation of their accounts through SMS, letter, or email. If the owner of any inactive account does not respond, then the bank must contact the person who has introduced the account holder or the account nominee.