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RBI-Levy of Penal Charges on Non-Maintenance of Minimum Balances in Inoperative Accounts
May, 16th 2014

RBI/2013-14/592
UBD.BPD.Cir.No.62/13.03.000/2013-14

May 15, 2014

The Chief Executive Officer
All Primary (Urban) Co-operative Banks

Dear Sir / Madam

Levy of Penal Charges on Non-Maintenance of
Minimum Balances in Inoperative Accounts

Please refer to Part B of the First Bi-monthly Monetary Policy Statement 2014-15 announced on April 1, 2014, proposing certain measures towards consumer protection such as non-levy of penal charges for non-maintenance of minimum balance in the inoperative accounts.

2. In this connection, a reference is invited to our circular UBD.(PCB).Cir.No.54/09.39.000/05-06 dated May 26, 2006 in which urban cooperative banks were advised to display and update, on their website, the details of various service charges including minimum balance to be maintained in savings bank accounts and charges, if any, for non-maintenance thereof.

3. Further, in terms of Para 3 of our Circular UBD.BPD.Cir.5/13.01.000/2012-13 dated August 17, 2012 on 'Financial Inclusion-Access to Banking Services - Basic Savings Bank Deposit Accounts' it was advised to banks that no charge should be levied for non-operation / activation of Basic Savings Bank Deposit Accounts (BSBDAs).

4. It is advised that henceforth banks are not permitted to levy penal charges for non-maintenance of minimum balances in any inoperative account.

Yours faithfully,

(A.K.Bera)
Principal Chief General Manager

 
 
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