LOK
SABHA ANNEXURED UNSTARRED QUESTION 918 DATED 27.02.2015
ANNEXURE
Levy of charges for non-maintenance of minimum
balance in savings bank account shall be subject to the following additional
guidelines:
I. In the event of a default in maintenance of
minimum balance / average minimum balance as agreed to between the bank and
customer, the bank should notify the customer clearly by SMS / email /letter
etc. that in the event of the minimum balance not being restored in the account
within a month from the date of notice , penal charges will be applicable.
II. In case the minimum balance is not restored
within a reasonable period, which shall not be less than one month from the
date of notice of shortfall, penal charges may be recovered under intimation to
the account holder.
III. The policy on penal charges to be so
levied may be decided with the approval of Board of the Bank.
IV. The penal charges should be directly
proportionate to the extent of shortfall observed. In other words, the charges
should be a fixed percentage levied on the amount of difference between the
actual balance maintained and the minimum balance as agreed upon at the time of
opening of account. A suitable slab structure for recovery of charges may be
finalized.
V. It should be ensured that such charges are
reasonable and not out of line with the average cost of providing the services.
VI. It should be ensured that the balance in
the savings account does not turn into negative balance solely on account of
levy of charges for non-maintenance of minimum balance.
The above annexure was attached with
undermentioned Lok Sabha Q&A:-
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA
UNSTARRED QUESTION NO 918
ANSWERED ON 27.02.2015
MINIMUM BALANCE IN BANK
ACCOUNTS
918 .
Karunakaran Shri P.
Will the Minister of FINANCE be pleased to state:-
Will the Minister of FINANCE be pleased to state:-
(a) whether the Reserve Bank of India (RBI) has issued guidelines to Bank to
inform their customers about fall in minimum balance in their accounts in
advance;
(b) if so, the details thereof; and
(c) the status of implementation of said guidelines by banks?
ANSWER
The
Minister of State in the Ministry of Finance (SHRI JAYANT SINHA)
(a) to (c) Reserve Bank of India (RBI) has
issued guidelines dated 20.11.2014 specifying that while levying charges for
non-maintenance of minimum balance in their savings bank accounts, banks shall
adhere to the additional guidelines given in the Annexure. The
guidelines come into effect from April 1, 2015.
All Banks have been advised to take immediate
steps to update customer information so as to facilitate sending alerts through
electronic modes (SMSs / e.mails etc.) for effective implementation of the
guidelines.
