CA Sakchi Jain Instagram – Banks cannot deduct charges for non maintenance of minimum balance.
RBI has said that banks cannot impose a penalty for not maintaining minimum balance on accounts that are inoperative.
Accounts that have not recorded any transaction for over two years are declared as inoperative
Under the new rules, banks have to inform customers through SMS, letters or email of their accounts turning inoperative.
Banks have also been asked to reach out to the person who introduced the account holder or the account holder’s nominees in case the owner of an inoperative account does not respond.
[Non-maintenance of minimum balance, inoperative account, account not used for two years, can the bank charge penalty for non-maintenance of minimum balance, bank account holder, nominee, bank account, CA Sakchi jain]
#casakchijain #bankaccount #minimumbalance #inoperativeaccount #nominee | Posted on 17/Apr/2024 18:33:17
