81 Tests, 2019 Articles
and counting ...

Savings Accts To Be Spared Min. Balance Penalty: RBI

PUBLISHED BY: SURENDER KUMAR
APRIL 01, 2014

   
  submit to reddit   Delicious   Digg   LinkedIn  

Savings Accts To Be Spared Min. Balance Penalty: RBI

 

 

The Reserve Bank has asked the banks to exempt the savings account holders from penalties for non-maintenance of the minimum balance. In its first bi-monthly policy, the RBI has announced its proposal for comprehensive consumer protection, based on its experience and global best practices. It has proposed that the banks should stop taking advantage of customer difficulty or inattention and instead of levying penalties for non-maintenance of minimum balance, they should limit the services on such accounts to those available to basic savings accounts and restore the full range of services when the minimum balances is restored.


No-frill accounts or basic savings accounts carry no minimum balance requirement. However, they can be used only for deposit and withdrawal and there are no other services available such as cheque books.



ARCHIVES -- CURRENT AFFAIRS

Tell Us About gkmine.com

We Listen ...


Fortnightly Contest


... WIN Exciting Prizes ...

item-pointer Coming Soon ...

... Previous Winners ...