RBI/2013-14/592
UBD.BPD.Cir.No.62/13.03.000/2013-14
May 15, 2014
The
Chief Executive Officer
All Primary (Urban) Co-operative Banks
Dear
Sir / Madam
Levy
of Penal Charges on Non-Maintenance of
Minimum Balances in Inoperative Accounts
2. In
this connection, a reference is invited to our circular
UBD.(PCB).Cir.No.54/09.39.000/05-06 dated May 26, 2006 in which
urban cooperative banks were advised to display and update, on their
website, the details of various service charges including minimum balance
to be maintained in savings bank accounts and charges, if any, for
non-maintenance thereof.
3.
Further, in terms of Para 3 of our Circular
UBD.BPD.Cir.5/13.01.000/2012-13 dated August 17, 2012 on
'Financial Inclusion-Access to Banking Services - Basic Savings Bank
Deposit Accounts' it was advised to banks that no charge should be levied
for non-operation / activation of Basic Savings Bank Deposit Accounts
(BSBDAs).
4. It
is advised that henceforth banks are not permitted to levy penal charges
for non-maintenance of minimum balances in any inoperative account.
Yours
faithfully,
(A.K.Bera)
Principal Chief General Manager
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