Negative account balance

[ccdc]

hello community members,

I want to know if banks can make the account balance negative in any kind of savings account by debiting various charges and fees etc. when there was zero balance in the account to start with. is there any rbi circular in this regard... anyone any idea?

 

[Deleted member 7241]

Negative balances in savings accounts due to penalty charges are now history following a directive from the central bank. The RBI has asked banks to stop imposing charges for non-maintenance of minimum balance once the balance in a savings account touches zero.

Read more at:
https://economictimes.indiatimes.co...ofinterest&utm_medium=text&utm_campaign=cppst

 

[Gau₹av]

Many users still report negative balance in their Axis bank accounts despite this 2016 RBI rule. I guess RBI gives Axis Bank a free pass which is why this bank is still with so many hidden and illegal charges. They need to be thoroughly audited or perhaps a sting operation done in Axis.

 

[Deleted member 7241]

ANYONE can File Complaint on RBI CMS PORTAL..

 

[Gau₹av]

ANYONE can File Complaint on RBI CMS PORTAL..

Absolutely but sadly not many people have the time or knowledge of rules or awareness to do so 🙂

 

[mailmenow]

I have a question regarding the guidelines of RBI for not imposing any penalty for non-maintanance of minimum balance. As per RBI guidelines bank should not go any negative balance when the account balance is zero. My question is if bank kept that balance as "lien " instead of negative balance. What we will do?? Do we need to pay the lien amount for non- maintenance charge???