Banking · RBI Guidelines and Customer Service
Consider the following statements regarding RBI guidelines on customer service and banking operations: Statement I: Banks are permitted to levy penal charges for non-maintenance of minimum balance in savings accounts, provided the account balance does not turn negative due to these charges. Statement II: In case of a lost safe deposit locker key, the bank bears the entire cost of changing the lock and providing new keys. Statement III: Banks must ensure that the 'Most Important Terms and Conditions' (MITC) are communicated in a clear, easily readable font size and understandable language. Statement IV: Unclaimed deposits inactive for 10 years must be transferred to the Depositor Education and Awareness Fund (DEAF) maintained by the RBI. Statement V: A Garnishee Order issued by a court attaches funds present at the time of service, but does not apply to subsequent credits received after service. Which of the above statements are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only I, III, and IV
- 2Only I, III, IV, and V✓
- 3Only II and III
- 4Only I and II
Correct answer
Only I, III, IV, and V
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