The Reserve Bank of India in a press release reported that banks should display interest rates on notice board. RBI in a move to improve the banking services and financial literacy in the country has advised the banks a comprehensive notice board format for bank branches to inform the customers about the interest rates, services charges and grievances redressal mechanism.
In a communication to the commercial banks, RBI said the display of information should be clear enough to "enable customers to make informed decision regarding products and services of the bank and be aware of the rights as also the obligations of the banks to provide essential services." It said besides displaying the key interest rates, the comprehensive notice board should also include information outlining the facilities for exchange of soiled and mutilated notes, opening of no-frills accounts etc.
The banks have also been asked to display information such as "we offer immediate credit of outstation cheque up to Rs ----(amount)" for satisfactory accounts.
Banks have also been told to clearly display the details on the notice board about the minimum balance requirement for savings bank and no-frills accounts and the charges that would be levied in case of default.
Banks will also be required to put on the notice board the other information concerning opening of Public Provident Fund accounts, Senior Citizens Savings Scheme, issuance of Kisan Credit Cards etc.
RBI said bank branches, should also make available booklets and brochures at 'May I Help' counters to educate the customers about safety features of currency notes.
It said the information regarding working days, working hours and weekly off-days, should be put on notice board outside the branch premises.
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