Good news for people with savings accounts in banks. Failure to maintain a minimum balance so you do not have to pay any penalty. At a conference organized by the Reserve Bank of India also has one of the recommendations made. By banks to maintain a fixed amount in a savings account just have to pay fines. It depends on the bank and private bank to emphasize higher minimum balance.
Raghuram Rajan, headed by the Governor of the Reserve Bank of India in Mumbai on Friday, which came Banking Ombudsman Conference also had several offers. Moreover, another important proposal was that the bank levy surcharge on prepaid loans to be abolished immediately. Pre-payment penalty on bank loans still accrue.
Indian Banks Association (IBA), banks can give instructions to this effect soon. The banks say that they do not carry a floating rate loan pre payment penalty. Plus he would say to them that are fixed and floating rate to a fixed rate loan really are not connected to the benchmark. If people take home and auto loans have to give them pre-payment penalty. Now it will get rid of them.
This Article is Posted on 01 Feb 2014 in News Section and Economy