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Private bank imposed fine as minimum balance not maintained in sb account

(Querist) 10 October 2015 This query is : Resolved 
Sir, I have one SB account originally with Tamilnad Mercantile Bank, palayamkottai branch.and subsequently a locker account from august 2008.When I opened the locker, they obtain a fixed deposit of Rs.10000/ from me for the quarenty of Locker rent.They failed to work out interest for the deposit amount year by year and failed to include the same into the SB account upto 2011.But they have debited annual rent at the rate of Rs.665 that Rs.335 for 2008 and Rs.665 per year there after.As a result the balance in my SB account came below 100 and they imposed fine of Rs76 for 2008 &2009 and Rs 364 for 2010 & 2011.for not maintaining minimum balance in my SB account. That penalty was debited from working out Rs.2581 as interest for the deposit amount of Rs. 10000/- for the period 2008 to March 2011 by including the amount on 28.10.2011.
They have introduced the minimum balance law from 2008. They have not intimated me about that.My doubt is, may a private Bank can apply such rule on a customer.however it is their mistake that if they would have included the interest of my deposit amount into the SB account year by year such things would not have happened.
I have written to the the Bank to correct the lapses. But they have not replied for the last one month. Please help me whether I can address this matter with the officers of Reserve Bank of India. if so EMail address to which I have to address. Thanking you. D.J
Kumar Doab (Expert) 10 October 2015
First of all determine that the interest as per mandate signed with bank was to be credited in SB a/c.

Once you are satisfied that bank has defaulted you have an edge.

Escalate to the MD,Chairman of the bank and narrate all representations made by you in person, by letters,email etc............

The contact details should be available on website of the bank or with BM in branch and should have been displayed in branch.


At RBI website you will find contact details of customer services and protection dept.............


If Bank and Chairman's cell does not provide any relief you can pull the bank to DCDRF.

Sudhir Kumar, Advocate Online (Expert) 11 October 2015
it is you who is supposed to maintain a balance which suits to pay your liabilities (including locker rent and arrears thereof) without disturbing the minimum balance.
Rajendra K Goyal (Expert) 11 October 2015
Not only private banks, Public sector Banks are also debiting charges for not maintaining minimum balance.

What was the Mandate from you regarding payment of locker rent, by cash or by debit to SB account? Generally it is not debited from Fix deposit.

Whether you have instructed the Bank to credit periodical interest in your Saving Bank account? If not Bank is right, if yes, send letter to claim your amount, if no reply file consumer complaint.
Rajendra K Goyal (Expert) 11 October 2015
Not only private banks, Public sector Banks are also debiting charges for not maintaining minimum balance.

What was the Mandate from you regarding payment of locker rent, by cash or by debit to SB account? Generally it is not debited from Fix deposit.

Whether you have instructed the Bank to credit periodical interest in your Saving Bank account? If not Bank is right, if yes, send letter to claim your amount, if no reply file consumer complaint.
K.S.Srinivas (Expert) 13 October 2015
I agree with Sri Goyal.


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