RBI New Rules 2026: The Reserve Bank of India has decided to regulate the minimum balance penalties charged by banks. Under the new rules, banks will no longer be able to levy charges arbitrarily. The penalty will be determined in proportion to the services provided to the customer. Furthermore, banks will be required to provide clear notice to the customer before levying any charges. This is expected to provide financial relief, especially to savings account holders.
Facility to Add Four Nominees
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Account holders will now be able to register up to four nominees for their bank accounts or fixed deposits. Previously, this facility was limited, which often led to legal complications for families after the account holder’s death. The new rule will simplify the succession process and prevent delays in receiving funds.
Interest Rate Arrangement After FD Maturity
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If a fixed deposit matures and the investor does not withdraw the amount on time, they will no longer receive the same high interest rate. According to the new provisions, in such cases, the interest will be paid at either the savings account rate or the previously agreed-upon FD rate, whichever is lower. This will encourage investors to make timely decisions.
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Additional Facilities in Basic Savings Accounts
The RBI has proposed making Basic Savings Bank Deposit accounts more useful. Under this proposal, account holders may be provided with 25 free check leaves and an ATM card without annual fees. This change will be particularly beneficial for low-income groups and small account holders.
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Additional Relief on Digital Transactions
To promote digital payments, UPI, NEFT, and RTGS transactions will be excluded from the monthly withdrawal limit. This means that customers will be able to make payments through digital means without worrying about any additional charges or limits. This is expected to strengthen the cashless economy.
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Special Provisions for Senior Citizens
Greater transparency will be introduced regarding the additional interest rates offered on FDs for senior citizens. Banks will also be required to provide special counters and priority services for senior citizens to ensure they do not face any inconvenience in accessing banking services.
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Fee Relief on Account Closure
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If a customer decides to close their account within 14 days of opening it, banks will not be able to charge any fees. This rule will give customers the freedom to test the bank’s services and reduce the risk of choosing the wrong bank.
New Guidelines for Inactive Accounts
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Accounts that have not had any transactions for two consecutive years will be considered inoperative. The RBI has instructed banks to conduct special campaigns to contact such account holders and safely return their deposits, so that people’s hard-earned money does not go to waste.