| Date: |
26-12-2002
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| Notification No: |
RBI Notification No 53/2002
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| Issuing Authority: |
RBI
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| Type: |
Notification
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| File No: |
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| Subject: |
Minimum Balance in Savings Bank Accounts
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Minimum Balance in Savings Bank Accounts
DBOD. Dir. BC. 53 - 13.10.00 � 26th December 2002
Reserve Bank of India has not issued any guidelines regarding the minimum
balance to be maintained in savings bank accounts. The banks have been
prescribing the minimum balance to be maintained taking into consideration the
cost involved in maintaining and servicing such accounts and also levying
specific charges, if minimum balance is not maintained. There is, however, no
uniform approach in this regard.
2.
It has been reported to us that banks do not apprise the customers about
the requirement of minimum balance at the time of opening of the accounts and
also do not highlight the implication such as levying of charges etc. if the
minimum balance is not maintained. Banks also do not ensure to inform the
customers about any change in the minimum balance requirement.
3.
We have had the matter reviewed and advise that henceforth banks should
inform customers regarding the requirement of minimum balance at the time of
opening the account in a transparent manner. Any subsequent changes in this
regard should also be intimated to the account holders. The banks may decide the
manner in which the information is made available to the customers.
4.
Please acknowledge receipt.
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