India Broadband Forum

altainta

that's what i need i am not able to find rules related to No-frill account (officially)

mickey

actually i searched alot for you, but i am myself not able to figure out anything...

sorry will take me a long time, so be with me.. pls.

actually i searched alot for you, but i am myself not able to figure out anything...

sorry will take me a long time, so be with me.. pls.

panchabhut

Deposit means ANY deposit including deposit in No Frills Account.
Here is the master circular for No Frills Account

RBI/2005-06/204
DBOD.No.Leg.BC. 44/09.07.005/2005-06

November 11, 2005

To
All Scheduled Commercial Banks
(Excluding RRBs)

Dear Sir,

Financial Inclusion

Please refer to Paragraph 96 of the Mid-term Review of Annual Policy Statement for the year 2005-06.

2. The Annual Policy Statement of April 2005, while recognising the concerns in regard to the banking practices that tend to exclude rather than attract vast sections of population, urged banks to review their existing practices to align them with the objective of financial inclusion. In many banks, the requirement of minimum balance and charges levied, although accompanied by a number of free facilities, deter a sizeable section of population from opening / maintaining bank accounts.

3. In this context, with a view to achieving the objective of greater financial inclusion, all banks are advised to make available a basic banking 'no-frills' account either with 'nil' or very low minimum balances as well as charges that would make such accounts accessible to vast sections of population. The nature and number of transactions in such accounts could be restricted, but made known to the customer in advance in a transparent manner. All banks are advised to give wide publicity to the facility of such a 'no-frills' account including on their web sites indicating the facilities and charges in a transparent manner.

4. The number of such deposit accounts opened by the bank may be reported to us on a quarterly basis.

5. Immediate action may be initiated and compliance reported to us within one month.

6. Please acknowledge receipt.

Yours faithfully

(Prashant Saran)
Chief General Manager

And if you are really serious about following the issue and bring the concerned bank to task (you must be ready to provide the time and energy for it), file an application withyour nearest RBI Office under the Right to Information Act with a postal order/DD of Rs.10, requesting for copies of all the circulars/notifications/rules issued by RBI for guiding the No Frills account.

altainta

Hey mickey i will be with you (i have time untill the bank reply back for my bro account)


@panchabhut

Wow great deal of info and the suggestion is also good that will be very help full i will wait till the bank respond to my bro's account if they accept it than peace. If they reject it than i will put my efforts to know every thing and will try to take action on the bank through the lawful means.

One doubt through
does that means Private banks too ?

panchabhut

absolutely. Scheduled Commercial Banks include all Private and Public Banks allowed to function in India.