RBI: Banks cannot put your account in minus even if there is no minimum balance, know the rules
Many times if there is no money in your bank account, then the bank charges on it and makes the account balance negative. But this cannot be done. There is a rule from RBI for this. According to the guidelines, if the minimum balance is not maintained in your account, then the bank cannot put your account balance in minus.
RBI had imposed a fine
Let us tell you that RBI has also imposed a fine of Rs 91 lakh on Yes Bank for not following the rules related to this.
What are the rules of RBI?
According to RBI, if the minimum balance is not in the account, then the banks have to immediately inform the customers. If the minimum balance is not maintained in the savings account, the banks have to tell their customers about the fine imposed on it. Also, it has to be ensured that in case of not maintaining the minimum balance, the money kept in the bank in the savings account can be deducted only till it becomes zero, it cannot be converted into a minus balance. Instead of imposing a fine for not maintaining the minimum balance, banks can stop the services on such accounts. Also, if someone wants to close his bank account, then the banks will have to close it free of cost.
Follow our Whatsapp Channel for latest update