Allow basic savings account holders to make at least 4 withdrawals a month: RBI to banks
5 years, 9 months ago

Allow basic savings account holders to make at least 4 withdrawals a month: RBI to banks

Live Mint  

Mumbai: The Reserve Bank of India on Monday said commercial banks need to offer holders of basic savings bank deposit accounts, a minimum of four withdrawals in a month, including automatic teller machine withdrawals. In its earlier direction on 10 August 2012, the central bank had said while there will be no limit on the number of deposits that can be made in a BSBD account each month, account holders will be allowed up to four withdrawals in a month, including ATM withdrawals. Offering such additional services will not make it a non-BSBD account, so long as the prescribed minimum services are provided free of charge,” it said. RBI said if a customer has any other existing savings bank deposit account in that bank, the customer will be required to close it within 30 days from the date of opening a BSBD account.

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History of this topic

New India Co-op Bank depositors get relief as RBI allows Rs 25,000 withdrawal
3 weeks, 5 days ago

New India Co-op Bank depositors get relief as RBI allows Rs 25,000 withdrawal

India Today  

The Reserve Bank of India on Monday eased restrictions on New India Co-operative Bank Limited, allowing depositors to withdraw up to Rs 25,000 from their accounts starting February 27. The bank had been under RBI’s All Inclusive Directions since February 13, which barred any withdrawals from savings, current, or other deposit accounts. “With the above relaxation, more than 50% of …

SBI ATM Cash Withdrawal Rules, Charges to Change from Next Month. Details Here
3 years, 8 months ago

SBI ATM Cash Withdrawal Rules, Charges to Change from Next Month. Details Here

News 18  

Starting from next month, State Bank of India is all set to change the rules and charges for cash withdrawals from its ATMs and bank branches. Know new rules 1) The changes will be applicable for SBI Basic Savings Bank Deposit account holders. Touted as zero balance savings account, SBI Basic Savings Bank Deposit account is meant for poorer sections …

Centrum-BharatPe to take over PMC Bank
3 years, 9 months ago

Centrum-BharatPe to take over PMC Bank

Live Mint  

Ending nearly two anxious years for depositors, the Reserve Bank of India on Friday cleared the decks for the takeover of Punjab and Maharashtra Cooperative Bank by a consortium of non-bank lender Centrum Financial Services and fintech startup BharatPe. RBI said it has decided to grant in-principle approval to Centrum to set up a small finance bank under on-tap licensing …

RBI bars People's Co-operative Bank from granting fresh loans, accepting deposits for 6 months
4 years, 9 months ago

RBI bars People's Co-operative Bank from granting fresh loans, accepting deposits for 6 months

India TV News  

The Reserve Bank of India on Thursday said it has barred Kanpur-based People's Co-operative Bank from granting fresh loans and accepting deposits for six months, due to its weak financial position. The RBI also said no withdrawal of amount of a depositor will be allowed from the co-operative bank. "As from the close of business on June 10, 2020, the …

Bank savings accounts: No minimum balance charges for three months
4 years, 11 months ago

Bank savings accounts: No minimum balance charges for three months

Live Mint  

Addressing a press conference today, Finance Minister Nirmala Sitharaman announced that charges for not maintaining 'Average Monthly Balance' in accounts will be waived for three months. Country's largest lender State Bank of India on 11 March waived maintenance of minimum balance requirements for all savings bank accounts. As per the decision announced by Finance Minister Nirmala Sitharaman, debit card holders, …

PMC Bank scam: RBI increases withdrawal limit to Rs 50,000 per account; over 78% of depositors covered
5 years, 4 months ago

PMC Bank scam: RBI increases withdrawal limit to Rs 50,000 per account; over 78% of depositors covered

Firstpost  

The Reserve Bank on Tuesday increased the withdrawal limits for depositors of the scam-hit Punjab and Maharashtra Cooperative Bank to Rs 50,000 from Rs 40,000 per account The Reserve Bank on Tuesday increased the withdrawal limits for depositors of the scam-hit Punjab and Maharashtra Cooperative Bank to Rs 50,000 from Rs 40,000 per account. #JustIn | @RBI to allow PMC …

PMC Bank scam: RBI increases withdrawal limit to Rs 40,000 per account; 77% of depositors covered
5 years, 5 months ago

PMC Bank scam: RBI increases withdrawal limit to Rs 40,000 per account; 77% of depositors covered

Firstpost  

The Reserve Bank on Monday increased the withdrawal limits for depositors of the scam-hit Punjab & Maharashtra Cooperative Bank to Rs 40,000 from Rs 25,000 per account over the next six months The Reserve Bank on Monday increased the withdrawal limits for depositors of the scam-hit Punjab & Maharashtra Cooperative Bank to Rs 40,000 from Rs 25,000 per account over …

PMC scam: Reserve Bank of India increases withdrawal limit for depositors to Rs 25,000 per account
5 years, 5 months ago

PMC scam: Reserve Bank of India increases withdrawal limit for depositors to Rs 25,000 per account

Firstpost  

Mumbai: The Reserve Bank on Thursday increased the withdrawal limits for depositors of the scam-hit Punjab & Maharashtra Cooperative Bank to Rs 25,000 from Rs 10,000 per account over the next six months. “We again reviewed PMC Bank’s liquidity position and with a view to reducing the hardship of depositors, have decided to further enhance the limit for withdrawal to …

PMC Bank crisis: RBI hikes withdrawal limit from Rs 1,000 to Rs 10,000; over 60% depositors will be able to withdraw full amount
5 years, 5 months ago

PMC Bank crisis: RBI hikes withdrawal limit from Rs 1,000 to Rs 10,000; over 60% depositors will be able to withdraw full amount

Firstpost  

With this relaxation, more than 60 percent of the depositors of the PMC Bank will be able to withdraw their entire account balance. The Reserve Bank of India has increased the withdrawal limit for account holders in the crisis-hit Mumbai-based Punjab and Maharashtra Cooperative Bank to Rs 10,000 from Rs 1,000 earlier, in a relief to the bank’s harried customers. …

For PMC Bank account holders, withdrawal limits relaxed
5 years, 5 months ago

For PMC Bank account holders, withdrawal limits relaxed

Live Mint  

The Reserve Bank of India or RBI has eased withdrawal limit for Punjab and Maharashtra Co-operative Bank account holders, increasing the limit to ₹10,000 from ₹1,000. With this relaxation, more than 60% of the depositors of the Mumbai-based urban cooperative bank will be able to withdraw their entire account balance, the RBI said. PMC Bank account holders can now withdraw …

RBI increases withdrawal limit for PMC Bank depositors from 1,000 to 10,000
5 years, 5 months ago

RBI increases withdrawal limit for PMC Bank depositors from 1,000 to 10,000

India TV News  

PMC Bank Row: In a big relief for Punjab and Maharashtra Cooperative Bank depositors, the Reserve Bank of India today has increased the withdrawal limit from Rs 1,000 to Rs10,000. The RBI on September 24 had restricted PMC bank account holders from withdrawing amount more than ₹1,000 for six months that had sparked state of panic among the bank's depositors. …

RBI enforces restrictions on PMC Bank; customers clamour for their deposits
5 years, 5 months ago

RBI enforces restrictions on PMC Bank; customers clamour for their deposits

Live Mint  

Mumbai: Chaos reigned outside the Sion branch of the Mumbai-based Punjab and Maharashtra Cooperative Bank on Tuesday as depositors thronged to withdraw their money after the Reserve bank of India put restrictions on the bank. Photo: Aniruddha Chowdhury/Mint Watch: Chaos outside Mumbai based PMC bank after RBI imposes restrictions Like Patil, ₹11,000 crore worth of depositors' money is stuck at …

No-frills accounts can get SB facilities free
5 years, 9 months ago

No-frills accounts can get SB facilities free

Deccan Chronicle  

Mumbai: In a bid to deepen financial inclusion, the Reserve Bank of India on Monday listed several services that banks will have to offer free of cost to account holders of ‘Basic Savings Bank Deposit account’, without any stipulation of a minimum balance. The minimum free withdrawals available to the BSBD account holders can be made at all ATMs, including …

RBI relaxes norms for no-frills accounts; banks will provide cheque books, other facilities to basic account holders
5 years, 9 months ago

RBI relaxes norms for no-frills accounts; banks will provide cheque books, other facilities to basic account holders

Firstpost  

Mumbai: Banks will now provide cheque books and other facilities to basic account holders, with the Reserve Bank of India relaxing the norms on Monday. As part of the financial inclusion drive, the RBI had asked banks to provide BSBDA as savings account offering - certain minimum facilities, free of charge. “Banks are free to provide additional value-added services, including …

Explained: How to open SBI zero balance savings account
6 years, 4 months ago

Explained: How to open SBI zero balance savings account

Live Mint  

New Delhi: A State Bank of India Basic Savings Bank Deposit account can be opened and maintained even with a zero balance. The SBI Basic Savings Bank Deposit account is also known as zero balance account and can be opened by any individual provided he/she has valid Know-Your-Customer documents. The SBI zero balance savings account or SBI basic savings bank …

SBI clarifies on minimum balance charges, claims lowest in industry
6 years, 7 months ago

SBI clarifies on minimum balance charges, claims lowest in industry

Live Mint  

New Delhi: India’s biggest bank State Bank of India or SBI has said that its charges or penalty for not maintaining the average monthly balance in savings bank accounts is among the lowest in the industry. In a tweet, SBI said: “With reference to recent news reports, the bank would like to reiterate that effective April 2018, the average monthly …

What is a basic savings bank deposit account?
6 years, 9 months ago

What is a basic savings bank deposit account?

Live Mint  

Have you received an SMS from the Reserve Bank of India asking you to open a basic savings bank deposit account if you don’t want to maintain a minimum balance in your account and can do with just 4 debits in a month? “Don’t want to keep minimum balance in your account and won’t have more than four debits in …

State Bank of India reduces penalty for non-maintenance of minimum balance
7 years, 5 months ago

State Bank of India reduces penalty for non-maintenance of minimum balance

Firstpost  

The penalty revision is likely to benefit 5 crore account holders, SBI said Mumbai: The State Bank of India on Monday lowered the penalty on savings accounts for non-maintenance of minimum balance while exempting the accounts of minors and pensioners. The largest public sector bank had levied penalty for not maintaining minimum balance in its savings accounts starting 1 April. …

Cash withdrawal and deposit rules as of 3 April
7 years, 11 months ago

Cash withdrawal and deposit rules as of 3 April

Live Mint  

New Delhi: The Reserve Bank of India’s deadline to exchange the old Rs500, Rs1,000 currency notes for Indians who were abroad between 10 November and 30 December 2016 ended on Friday. Here’s a list of cash withdrawal and deposit rules as of 3 April: ■ Old Rs500, Rs1,000 currency notes: The facility for exchange of the scrapped old Rs500, Rs1,000 …

Limits on Cash withdrawals From Current Accounts & ATMs Withdrawn: Limits On Savings Accounts To Continue [Read Notification]
8 years, 1 month ago

Limits on Cash withdrawals From Current Accounts & ATMs Withdrawn: Limits On Savings Accounts To Continue [Read Notification]

Live Law  

Reserve Bank Of India has withdrawn the limits on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft account and ATMs with Immediate Effect.As per the circular the limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future.The limits were imposed on 8th November, 2016 in the wake of withdrawal …

Cash withdrawal and deposit rules as of 19 January
8 years, 2 months ago

Cash withdrawal and deposit rules as of 19 January

Live Mint  

New Delhi: The Reserve Bank of India on Tuesday enhanced the cash withdrawal limit at automated teller machines to Rs10,000 per day per card. Here is a list of RBI rules on cash withdrawal and deposits as of 19 January: ■ For saving bank account customers, cash withdrawal limit from ATMs now stands at Rs10,000 per day per account. ■ …

RBI increases cash withdrawal limit at ATMs to Rs10,000 per day
8 years, 2 months ago

RBI increases cash withdrawal limit at ATMs to Rs10,000 per day

Live Mint  

New Delhi: The Reserve Bank of India has eased the cash withdrawal limit at automated teller machines with immediate effect. These enhanced cash withdrawal limits will be within the weekly cap of Rs24,000, the central bank said. RBI has also enhanced weekly cash withdrawal limits for current accounts to Rs1 lakh from Rs50,000 earlier. On 1 January, RBI had relaxed …

Demonetisation: RBI eases withdrawal limits for deposits made in legal tender
8 years, 3 months ago

Demonetisation: RBI eases withdrawal limits for deposits made in legal tender

ABP News  

MUMBAI: To encourage people to deposit valid currency notes in banks, RBI today said bank customers would be able to withdraw deposits made in current legal tender notes beyond the current limits, a move aimed at increasing currency circulation in system. For example, if someone deposits valid legal tenders of Rs 4,000, the withdrawal limit for that person would rise …

No ATM charges on transactions by saving bank customers till December 30
8 years, 4 months ago

No ATM charges on transactions by saving bank customers till December 30

India TV News  

In yet another attempt to lessen the woes of cash crunched people, the Reserve Bank of India today directed all the banks to waive ATM on all transactions done by savings bank customers till December 30. "It has been decided that banks shall waive levy of ATM charges for all transactions by savings bank customers done at their own banks' …

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