RBI New Rule: The Reserve Bank of India has given a major gift to the country’s millions of zero-balance bank account holders. Until now, these accounts were subject to various limitations and charges, but with the new rules, banking will become even easier and more affordable. This change is especially beneficial for those in rural and small towns who rely on digital payments. The Reserve Bank aims to ensure that every citizen can access digital and banking services without hassle.
No Charges on Digital Payments
Previously, many banks treated UPI, IMPS, or other digital transactions as withdrawals and charged fees. Now, with the new system, all these digital transactions will be completely free. No matter how many times a customer uses UPI or IMPS, there will be no charges. This will increase the use of digital payments and make cashless transactions easier.
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Free cash withdrawals four times a month
Customers with zero balances will now receive at least four free cash withdrawals per month. These withdrawals can be made from either their own bank’s ATM or another bank’s ATM. Previously, many banks charged for this, but now a minimum free withdrawal limit has been mandated.
Free ATM and Debit Cards
Annual maintenance charges on debit cards were common, but the new rules have eliminated this. Now, zero-balance account holders will receive a free debit card, and renewal charges will be free. This will allow them to use all digital and ATM services without any additional cost.
Checkbooks and Passbooks Will Also Be Free
Customers will now receive a free checkbook with at least 25 pages every year. Additionally, banks will provide free passbooks or monthly statements. This feature is especially important for those who still prefer to maintain banking records offline.
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There will be no limits on deposits
There will no longer be any restrictions or charges for depositing money into a zero-balance account. Customers can deposit as many times a month as they wish. This feature is especially useful for small businesses and daily-income earners.
When will the new rules come into effect?
According to the Reserve Bank, all new rules will take effect on April 1, 2026. However, banks have been given the discretion to implement these features earlier if they wish. Many banks may begin implementing them soon.