RBI Rules On Negative Balance : Banks will not be able to charge interest even if there is negative balance, RBI issued new rule

RBI Rules On Negative Balance :Reserve Bank of India i.e. RBI has issued a new rule. According to this, if your financial institution steadiness goes into minus then the financial institution can’t charge interest on it. That is, if you need to shut any of your financial institution accounts whose steadiness is in minus, you then will not have to pay something individually for this.

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RBI New Rule On Negative Balance: There was a time when one had to stand in line for hours to full financial institution associated work. But ever since smartphones have arrived and banking providers have gone on-line, virtually all financial institution associated work is carried out on the telephone. However, this has additionally created some issues. Many individuals have now began protecting a couple of checking account. This has made it troublesome to preserve minimal steadiness and in lots of conditions the steadiness even goes into minus.

In such a scenario, if you ask the financial institution to shut the account, then you’re requested to pay the quantity which is in minus. But, now the Reserve Bank of India has labored to present aid to the shoppers going through such conditions. According to the new guidelines of RBI, if you may have not maintained the minimal steadiness then it could possibly change into zero however banks can’t make it minus by charging interest on it.

RBI New Rule On Negative Balance: There was a time when one had to stand in line for hours to full financial institution associated work. But ever since smartphones have arrived and banking providers have gone on-line, virtually all financial institution associated work is carried out on the telephone. However, this has additionally created some issues. Many individuals have now began protecting a couple of checking account. This has made it troublesome to preserve minimal steadiness and in lots of conditions the steadiness even goes into minus.

In such a scenario, if you ask the financial institution to shut the account, then you’re requested to pay the quantity which is in minus. But, now the Reserve Bank of India has labored to present aid to the shoppers going through such conditions. According to the new guidelines of RBI, if you may have not maintained the minimal steadiness then it could possibly change into zero however banks can’t make it minus by charging interest on it.

Account can be closed with out paying prices
Even if the steadiness in your account is exhibiting in minus, banks can’t ask the client to pay this quantity. The financial institution does not have the fitting to demand the quantity of the steadiness which has gone negative.

As per RBI pointers, you do not want to pay a single rupee even if you may have a minus steadiness. This implies that your checking account can be closed with none further prices. Banks can’t take cash for this.

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