Negative balance in dormant account – do I need to pay?

[onlinetushar]

I have a savings account with Fi Money which has been non-operative for the last few years. The account balance is now negative, apparently due to minimum balance non-maintenance charges.

As per RBI rules, in such cases:

1. Do I need to clear this negative balance if I request the bank to close the account?
2. Or is the bank required to close the account without asking for these charges, since it has been dormant for years?

Would appreciate references to relevant RBI guidelines if available.

 

[cardy]

RBI guideline for sb account strictly says account can't be made negative by mab non maintenance charge.

By the way fi account is zero balance account as i knew, your account variant required mab?