Negative bank account balance: RBI rules and what to do if your bank account goes into negative
Negative bank account balance: The Reserve Bank of India (RBI) has issued clear instructions to all banks that if a customer’s bank account balance goes to zero, their bank account will not be turned negative. These instructions were issued at the beginning of the financial year 2023-2024.
What to do if your bank account balance goes negative?
If your bank account balance goes into negative, you should take the following steps:
- Contact your bank. The first thing you should do is to contact your bank and inform them about the problem. The bank may be able to help you resolve the issue.
- Complain to the RBI Banking Ombudsman. If your bank fails to resolve your problem, you can complain to the RBI Banking Ombudsman. The RBI Banking Ombudsman is an independent body that resolves complaints from banking customers.
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How to file a complaint on the RBI Banking Ombudsman’s website:
- Go to the RBI Banking Ombudsman’s website.
- Click on the “Register Complaint” tab.
- Provide details about your complaint.
- Upload your documents.
- Pay the complaint fee.
The RBI Banking Ombudsman takes 30 days to resolve your complaint.