{"id":1277563,"date":"2024-01-06T12:03:33","date_gmt":"2024-01-06T06:33:33","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1277563"},"modified":"2024-01-06T12:03:52","modified_gmt":"2024-01-06T06:33:52","slug":"rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/","title":{"rendered":"RBI Stops Banks From Charging Minimum Balance Charges On These Accounts: Huge Relief For Bank Customers?"},"content":{"rendered":"\n

The Reserve Bank of India (RBI) has issued new guidelines for banks regarding inactive accounts. As per the rules, banks cannot charge penalty fees to customers for not maintaining minimum balances in accounts that have been inactive for over two years.<\/p>\n\n\n\n

\"RBI<\/figure>\n\n\n\n

An inactive account is defined as one that has not had a customer-induced transaction for two years or more. However, accounts opened for receiving direct benefit transfers or scholarships should not be treated as inactive regardless of transaction history.<\/p>\n\n\n\n

RBI: No Minimum Balance Charges<\/strong><\/h2>\n\n\n\n

The amended guidelines will come into effect from April 1st, 2024<\/a>. Their purpose is to help reduce the growing volume of unclaimed deposits in bank accounts across India.<\/p>\n\n\n\n

Banks have been directed to inform account holders via written communication when their accounts turn inactive. If the account holder does not respond, the bank should contact their nominee or introducer on record.<\/p>\n\n\n\n

Inoperative Accounts Need Not Pay Charges<\/strong><\/h2>\n\n\n\n

As per the RBI, inactive accounts cannot have any penalty charges levied for non-maintenance of minimum balance. Reactivation of such accounts will also be free of charge.<\/p>\n\n\n\n

The central bank report shows unclaimed deposits rose 28% to Rs. 42,272 crore in March 2023. Banks transfer balances of accounts unused for 10 years or more to the RBI’s Depositor Education and Awareness Fund.<\/p>\n\n\n\n

Earlier RBI guidelines prohibit banks from allowing account balances to turn negative due to non-maintenance fees. However, violations of the rule have occurred in some cases.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Reserve Bank of India (RBI) has issued new guidelines for banks regarding inactive accounts. As per the rules, banks cannot charge penalty fees to customers for not maintaining minimum balances in accounts that have been inactive for over two years. An inactive account is defined as one that has not had a customer-induced transaction […]<\/p>\n","protected":false},"author":30,"featured_media":1277568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[4329,185],"class_list":["post-1277563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-minimum-balance-charges","tag-rbi"],"acf":[],"yoast_head":"\nRBI Stops Banks From Charging Minimum Balance Charges On These Accounts: Huge Relief For Bank Customers? - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBI Stops Banks From Charging Minimum Balance Charges On These Accounts: Huge Relief For Bank Customers? - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank of India (RBI) has issued new guidelines for banks regarding inactive accounts. As per the rules, banks cannot charge penalty fees to customers for not maintaining minimum balances in accounts that have been inactive for over two years. An inactive account is defined as one that has not had a customer-induced transaction […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/\" \/>\n<meta property=\"og:site_name\" content=\"Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-06T06:33:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-06T06:33:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/01\/Untitled-design-9-2-1280x720-1.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mohul Ghosh\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mohul Ghosh\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/\",\"url\":\"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/\",\"name\":\"RBI Stops Banks From Charging Minimum Balance Charges On These Accounts: Huge Relief For Bank Customers? - Trak.in - Indian Business of Tech, Mobile & Startups\",\"isPartOf\":{\"@id\":\"https:\/\/trak.in\/stories\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/01\/Untitled-design-9-2-1280x720-1.jpeg\",\"datePublished\":\"2024-01-06T06:33:33+00:00\",\"dateModified\":\"2024-01-06T06:33:52+00:00\",\"author\":{\"@id\":\"https:\/\/trak.in\/stories\/#\/schema\/person\/5092a7d2906e3f3c819643435477c2a7\"},\"breadcrumb\":{\"@id\":\"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/#primaryimage\",\"url\":\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/01\/Untitled-design-9-2-1280x720-1.jpeg\",\"contentUrl\":\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/01\/Untitled-design-9-2-1280x720-1.jpeg\",\"width\":1280,\"height\":720},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/trak.in\/stories\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"RBI Stops Banks From Charging Minimum Balance Charges On These Accounts: Huge Relief For Bank Customers?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/trak.in\/stories\/#website\",\"url\":\"https:\/\/trak.in\/stories\/\",\"name\":\"Trak.in - Indian Business of Tech, Mobile & Startups\",\"description\":\"Trak.in is a popular Indian Business, Technology, Mobile & Startup blog featuring trending News, views and analytical take on Technology, Business, Finance, Telecom, Mobile, startups & Social Media Space\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/trak.in\/stories\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/trak.in\/stories\/#\/schema\/person\/5092a7d2906e3f3c819643435477c2a7\",\"name\":\"Mohul Ghosh\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/trak.in\/stories\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/66c129d83dd3f325a3b550eb1aa16891173ddfc4686361424206cd9a01311c89?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/66c129d83dd3f325a3b550eb1aa16891173ddfc4686361424206cd9a01311c89?s=96&d=mm&r=g\",\"caption\":\"Mohul Ghosh\"},\"url\":\"https:\/\/trak.in\/stories\/author\/mohul-ghosh\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"RBI Stops Banks From Charging Minimum Balance Charges On These Accounts: Huge Relief For Bank Customers? - Trak.in - Indian Business of Tech, Mobile & Startups","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/","og_locale":"en_US","og_type":"article","og_title":"RBI Stops Banks From Charging Minimum Balance Charges On These Accounts: Huge Relief For Bank Customers? - Trak.in - Indian Business of Tech, Mobile & Startups","og_description":"The Reserve Bank of India (RBI) has issued new guidelines for banks regarding inactive accounts. As per the rules, banks cannot charge penalty fees to customers for not maintaining minimum balances in accounts that have been inactive for over two years. An inactive account is defined as one that has not had a customer-induced transaction […]","og_url":"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/","og_site_name":"Trak.in - Indian Business of Tech, Mobile & Startups","article_published_time":"2024-01-06T06:33:33+00:00","article_modified_time":"2024-01-06T06:33:52+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/01\/Untitled-design-9-2-1280x720-1.jpeg","type":"image\/jpeg"}],"author":"Mohul Ghosh","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Mohul Ghosh","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/","url":"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/","name":"RBI Stops Banks From Charging Minimum Balance Charges On These Accounts: Huge Relief For Bank Customers? - Trak.in - Indian Business of Tech, Mobile & Startups","isPartOf":{"@id":"https:\/\/trak.in\/stories\/#website"},"primaryImageOfPage":{"@id":"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/#primaryimage"},"image":{"@id":"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/#primaryimage"},"thumbnailUrl":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/01\/Untitled-design-9-2-1280x720-1.jpeg","datePublished":"2024-01-06T06:33:33+00:00","dateModified":"2024-01-06T06:33:52+00:00","author":{"@id":"https:\/\/trak.in\/stories\/#\/schema\/person\/5092a7d2906e3f3c819643435477c2a7"},"breadcrumb":{"@id":"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/#primaryimage","url":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/01\/Untitled-design-9-2-1280x720-1.jpeg","contentUrl":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/01\/Untitled-design-9-2-1280x720-1.jpeg","width":1280,"height":720},{"@type":"BreadcrumbList","@id":"https:\/\/trak.in\/stories\/rbi-stops-banks-from-charging-minimum-balance-charges-on-these-accounts-huge-relief-for-bank-customers\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/trak.in\/stories\/"},{"@type":"ListItem","position":2,"name":"RBI Stops Banks From Charging Minimum Balance Charges On These Accounts: Huge Relief For Bank Customers?"}]},{"@type":"WebSite","@id":"https:\/\/trak.in\/stories\/#website","url":"https:\/\/trak.in\/stories\/","name":"Trak.in - Indian Business of Tech, Mobile & Startups","description":"Trak.in is a popular Indian Business, Technology, Mobile & Startup blog featuring trending News, views and analytical take on Technology, Business, Finance, Telecom, Mobile, startups & Social Media Space","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/trak.in\/stories\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/trak.in\/stories\/#\/schema\/person\/5092a7d2906e3f3c819643435477c2a7","name":"Mohul Ghosh","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/trak.in\/stories\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/66c129d83dd3f325a3b550eb1aa16891173ddfc4686361424206cd9a01311c89?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/66c129d83dd3f325a3b550eb1aa16891173ddfc4686361424206cd9a01311c89?s=96&d=mm&r=g","caption":"Mohul Ghosh"},"url":"https:\/\/trak.in\/stories\/author\/mohul-ghosh\/"}]}},"jetpack_featured_media_url":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/01\/Untitled-design-9-2-1280x720-1.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts\/1277563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/comments?post=1277563"}],"version-history":[{"count":1,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts\/1277563\/revisions"}],"predecessor-version":[{"id":1277569,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts\/1277563\/revisions\/1277569"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/media\/1277568"}],"wp:attachment":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/media?parent=1277563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/categories?post=1277563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/tags?post=1277563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}