Yup…That’s exactly what happened last week when the RBI imposed a penalty on Bank of Baroda…
Why?
The bank failed to credit interest on dormant savings accounts—and allowed staff to earn incentives from insurance sales.
Here’s what you should know:
Banks can miss interest payments.
Don’t assume everything’s in order—check your statements regularly.
Got a dormant account? Make sure you’re still getting your interest.
Dormant doesn’t mean dead.
Even if your account is inactive, it’s still earning interest by law.
RBI rules require it—but banks don’t always follow through. Stay alert.
Incentives can skew advice.
If a bank employee is pushing a product, ask yourself:
“Is this in my best interest—or just boosting their bonus?”
Small amounts add up.
Rs 61.4 lakh might be minor for a big bank, but you losing Rs 500 in interest? That’s your money.
Neglect adds up. Don’t let your money sit idle.
Stay informed. Ask questions.
Make sure your bank is doing right by you. Demand transparency. Keep your money working.
Ever spotted your bank slipping up? How did you deal with it?
