The RBI proposes to frame comprehensive consumer protection regulations based on domestic experience & global best practices. Banks should also not take undue advantage of customer difficulty or inattention. Instead of levying penal charges for non-maintenance of minimum balance in ordinary savings bank accounts, banks should limit services available on such accounts to those available to Basic Savings Bank Deposit Accounts and restore the services when the balances improve to the minimum required level. Banks should not levy penal charges for non-maintenance of minimum balances in any inoperative account.
Now RBI has released a notification dated 06.05.2014 and directed all banks not to levy penal charges on non maintenance of minimum balance in inoperative accounts .Though this rule is applicable on all type of saving bank account holders including person having single saving bank account however this a major relief to all account holders, who generally have multiple accounts and not able to operate / maintain minimum balance in each account.
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