https://www.taxtmi.com/news?id=16955 Reserve Bank guidance requires banks to offer a Basic Savings Bank Deposit Account without any minimum balance and to provide ATM/ATM cum debit cards free. For other savings accounts, guidelines effective April 1, 2015, allow penal charges for non maintenance of minimum balance only after customer notification that shortfall must be restored within one month; penal recovery must be notified to the account holder; the Board must approve penal policy; charges must be proportionate to the shortfall, reasonable relative to service cost, and must not render the account balance negative solely due to such charges. en-us Fri, 25 Nov 2016 18:59:41 +0530 Fri, 25 Nov 2016 18:59:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16955 Reserve Bank guidance requires banks to offer a Basic Savings Bank Deposit Account without any minimum balance and to provide ATM/ATM cum debit cards free. For other savings accounts, guidelines effective April 1, 2015, allow penal charges for non maintenance of minimum balance only after customer notification that shortfall must be restored within one month; penal recovery must be notified to the account holder; the Board must approve penal policy; charges must be proportionate to the shortfall, reasonable relative to service cost, and must not render the account balance negative solely due to such charges. News - Fri, 25 Nov 2016 18:59:41 +0530 https://www.taxtmi.com/news?id=16955