With effect from April 1, 2016, the Bank has introduced penal charges on proportionate basis for non-maintenance of minimum balance in savings bank accounts.
- In the event of a default in maintenance of minimum balance / average minimum balance as agreed to between the bank and customer, the bank will notify the customer clearly by SMS that in the event of the minimum balance not being restored in the account within a month from the date of notice, penal charges will be levied.
- In case the minimum balance is not restored within a reasonable period, which shall not be less than one month from the date of notice of shortfall, penal charges may be recovered under intimation to the account holder.
- The penal charges will be collected proportionate to the extent of shortfall observed. In other words, the charges should be a fixed percentage levied on the amount of difference between the actual balance maintained and the minimum balance as agreed upon at the time of opening of account.