[Resolved]  Citibank India — 1 lakh minimum balance for savings bank in Citibank

Address:

Bangalore, Karnataka

Sub: Regarding the Minimum balance in case of savings account.

Citibank has recently changed the minimum balance requirement for savings bank account as 1,00,000. Is there any guideline for the banks in changing to such huge muminum balances (including the foreign banks)

Is this chainge, with the approval of from the RBI. (huge minimum balance of 1,00,000)

Can this be minumum balance justifiable to any banks (including the foreign banks) operating in india with indian customer.

My openion is that
- If the max limit for this is not laid down, the bank can go to any extent of changing this to any limit (may be 5 lakhs tomorrow)
- Alternatively If such huge max limit is fixed by the banks, a rule/guideline should be laid that such banks who charge more than maximu prescribed limit should also ensure that the customer is getting rate of interest @ Fixed deposit rates for that minimum banlance maitained beign fair to the customers.
- This should be taken up with the RBI to provide some guidelines to all indian and foreign banks to make the maximum limit appropriate to the indian customers.

Thanks in advance for taking appropriate actions in this regard and respond to my complaint.

Thanks and Regards,
Amarnath