<h1>RBI Mandates Free Basic Savings Accounts, No Minimum Balance; Proportional Penalty Guidelines Effective April 2015 for Banks.</h1> The Reserve Bank of India issued a circular on August 10, 2012, advising all Scheduled Commercial Banks to offer Basic Savings Bank Deposit Accounts without a minimum balance requirement. These accounts should provide ATM or ATM-cum-Debit Cards without charges. From April 1, 2015, banks must follow guidelines for penal charges on non-maintenance of minimum balance, including notifying customers and ensuring charges are proportionate to the shortfall. Charges should not cause negative balances solely due to fees. This information was provided by a government official in response to a query in the Lok Sabha.