NEWS & ADVICE : SAVINGS ACCOUNTS
Banks must inform customers one month prior about falling minimum balance: RBI
By Vaibhav Aggarwal
Nov 21, 2014
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The apex bank of the country has recently instructed the banks that they must inform the customers one month prior about the fall in minimum balance. RBI has asked the banks that the charges will be charged only to the extent of shortfall in such balances.

RBI clearly stated that banks if the customer fails to maintain the average minimum balance or monthly balance as per specified by the bank, then bank must inform the customer through SMS or email that they must restore the minimum mount within a month otherwise they will be charged with the applicable penal charges.

Further RBI also stated that the balance in the account must not go negative in the savings account.


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