New trouble for bank account holders: The Reserve Bank of India has implemented new rules for all bank account holders, whether they have SBI, PNB, or any other bank account holders. New guidelines have been issued for all bank account holders. If you have an account with any bank, it is extremely important to complete these steps before October 10th.
Bank New Rules Implemented
The Reserve Bank of India implements new rules for all banks. Similarly, for banks like SBI and Axis Bank, the RBI has implemented new rules requiring them to complete several new tasks. Bank account holders are often unaware of all the rules, which leaves them stranded after opening a bank account. However, according to the new RBI rules, all account holders are required to complete KYC (Key Information Checking) process, which is mandatory for everyone to complete after one year.
If bank account holders fail to complete their KYC, their account transactions, including various other work, are halted, leaving them distressed. Many bank account holders are aware of these rules, yet they choose not to complete them and let them remain as they are.
New Bank Account Rules
Those who have opened a bank account with any bank and have not completed their KYC can face significant difficulties. According to Reserve Bank of India rules, all account holders can only keep up to ₹5 lakh in their accounts. After the bank account and bank license are cancelled, customers will only be refunded up to ₹5 lakh. If they keep more than this amount in their account, according to RBI rules, the bank will only provide a return of up to ₹500,000. Those who have not completed their KYC may face consequences. It has been decided that all account holders should complete their KYC as soon as possible to avoid any problems with their bank accounts.