RBI Rule: Can the bank put your account in minus if you do not maintain the minimum balance? Know the RBI rules..

Minimum balance: People keep their savings in bank accounts. Many bank customers have very little money in their accounts or no money at all. In such a situation, the rule of maintaining a minimum balance (RBI rules for minimum balance) is also not fulfilled.

When there is no minimum balance in the account, the account holder starts worrying that the bank will put it in minus by imposing a fine. RBI has made rules regarding this. Let us know whether the bank can put an account in minus if the minimum balance is not maintained in an account (minimum balance new rules).

What do RBI rules say-

According to the rules made by the Reserve Bank of India regarding the charge to be levied for not maintaining a minimum balance in an account, no bank can put an account holder's account in minus. It can be made zero (zero balance rules), but cannot be made negative.

Banks will inform the account holder about this -

According to RBI rules, if there is no minimum balance in any savings account (Minimum Account Balance Rules), then the bank will first inform the account holder about this. Banks will also inform the customers about the fine imposed on this.

A bank account can only be made zero -

According to RBI rules, if there is no minimum balance in a bank account, then the bank can make it zero by applying a charge, but it cannot be made minus (Minus Account Balance). Of course, there may be less amount in the account than the fine (fine on not maintaining minimum balance), but the account cannot be made minus beyond zero. Instead of this, the bank can stop the facilities given to the customers.

Charge on closing the account -

If you want to close your bank account (bank account news), then even at that time, the bank cannot ask for any charge from you. Even at this time, the bank cannot ask you to fulfill the minimum balance (minimum balance new rules) or give it. If the bank wants to convert the customer's savings account into a basic account, then the bank will have to take the customer's permission for this.

RBI imposed a fine on the bank-

A bank had reduced the balance of customers' accounts to minus for not maintaining the minimum balance. On this, RBI collected a fine of more than 90 lakhs from that bank (Minus Account Bank Case). RBI has issued instructions regarding this a few years ago that no bank can reduce the balance of a bank account holder's account to minus if there is no minimum balance in the savings account.

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