I had a salary account with a bank. After changing jobs, I have not been using it. But, every month I get a message saying that I am being charged a penalty of Rs 700 for not maintaining the balance. It shows a negative balance of about Rs 7,000. What is Reserve Bank of India's (RBI's) rules on penalties. Also, will the bank ask me to pay up the entire outstanding if I decide to close the account? What happens if I ignore the messages ?
According to the RBI guidelines, a savings account needs to be treated as inoperative or dormant if there are no transactions in the account for over a period of two years. For the purpose of classifying an account as "inoperative" both the type of transactions, that is, debit as well as credit transactions induced at the instance of customers as well as third party is considered.
India will be superpower by 2047, but not high-income economy: Martin Wolf
Read More
