7 Interesting Facts About the Banking Services in India

We use banking services all the time- making deposits, withdrawing funds, transferring funds to our loved ones or for shopping, etc. However, there are several services/features of the banking industry that many are not aware of.

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Listed below are some of the most interesting and informative facts of the banking sector in India that everyone must know:

1. You are eligible for transferring your bank account from one branch to another irrespective of the city or the state. While this advantage is limited to the particular bank you have you an account in, the union government is planning to introduce a service under which can easily port your bank account in one bank to another bank.
2. If there is a requirement of maintaining a minimum account balance in a particular bank, they are required to inform you about the same along with the applicable penalties. Moreover, if you are to be charged because of non-maintenance of the same, then the bank should inform you one month in advance.
3. Banks are required to provide all the forms (opening a bank account, obtaining a cheque book, etc.) to their customers in three languages- Hindi, English, and an appropriate regional language.
4. Banks can’t refuse to accept scribbled notes, a fact that was further clarified by the Reserve Bank of India as customers were facing problems due to the same a few months back.
5. All banks are required to offer free pass books to their customers who have savings accounts.
6. Banks cannot refuse to accept deposits in small denominations. For instance, you can deposit Rs. 10,000 in 1,000 Rs. 10 notes if you want.
7. As a rule of thumb, fractions of rupees equal to 50 paise or more is rounded off to the next higher rupee. However, if the fraction is less than 50 paise then it must be ignored.