Lawyer

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New Delhi, New Delhi, India
Believe nothing, no matter where you read it, or who said it, no matter if I have said it, unless it agrees with your own reason and your own common sense...

Tuesday, May 13, 2014

Reserve Bank of India makes 3 new rules


... making banking easy and simple

Check out the following Rules and link to the RBI Notifications for further details:


1. Banks are not permitted to levy penal charges for non-maintenance of minimum balances in any inoperative account - 

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8867&Mode=0


2. Minors above the age of 10 years may be allowed to open and operate savings bank accounts independently, if they desire. However, banks keeping in view of their risk management systems, may fix limits in terms of age and amount up to which minors may be allowed to operate the deposit accounts independently.


3. Banks are not permitted to charge foreclosure charges/ pre-payment penalties on all floating rate term loans sanctioned to individual borrowers -

1 comment:

  1. ON the topic of penalty on loan foreclosure, you may wish to refer my blog raising a like point of objection in regard to foreclosure of term deposits in my Googleblogs @swamilook. The invitation is purely intended to serve as a useful feedback.

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