RBI New Rule: RBI has issued new rules, penalty will not be imposed even if there is negative balance...
There was a time when one had to stand in a queue for hours to complete bank-related work. But ever since smartphones have arrived and banking services have gone online, almost all bank-related work has been done on the phone. However, this has also created some problems. Many people have now started keeping more than one bank account. Due to this, it has become difficult to maintain a minimum balance and in many situations, the balance even goes into minus.
In such a situation, if you ask the bank to close the account, then you are asked to pay the amount which is in minus. But, now the Reserve Bank of India has worked to provide relief to the customers facing such situations. According to the new rules of RBI, if you have not maintained the minimum balance then it can become zero but banks cannot make it minus by charging interest on it.
The account can be closed without paying charges
Even if the balance in your account is showing in minus, banks cannot ask the customer to pay this amount. The bank does not have the right to demand the amount of the balance which has gone negative. As per RBI guidelines, you do not need to pay a single rupee even if you have a minus balance. This means that your bank account can be closed without any extra charges. Banks cannot take money for this.
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