Average monthly balance
dushyant upadhyay
(Querist) 08 July 2013
This query is : Resolved
I am having a saving account in HDFC bank. it has been noticed that bank has charged me on to maintain the Average monthly balance to be kept in the account. Eventually, i am not aware with this facts that any amount shall be payable in this condition.
Till the date now, my account has been debited by Rs. 3600 approx in the name of minimum balance amount. At the time of opening up the account, it has not been informed to me.
No guideline has been displayed any where in the website of the said bank.
they have kept calling us to advertise for selling their products.
They keep sending printed and electronic mails frequently marketing their products. The prime space of the web-site (account view page) is occupied by the marketing promotional messages. it could have been easily used this for informing users individually.
Can they deduct the amount as a penalty without any information? i think there is authority given my Hon'ble High Court that before deducting or penalising any one, he must have informed before such deduction
I have gone through with order passed by SBI in the state of Kerala in May 2012 to remove the minimum balance level in saving account and refunded the amount deducted from the account of user .
I do not have clarity on RBI guideline in this regard.
Can any one please help me on this matter.
Your early reply is being solicited
Thanks
Regards
Dushyant
adv.dushyant@gmail.com
ajay sethi
(Expert) 08 July 2013
all pvt sector banks have made it mandatory to maintain average quarterly balance . in the vent it is not maintained they debit the customer account with the bank charges .
bank sends you monthly or quarterly statement of account . if you had been aggrieved by levy of charges did you complain to bank in writing ?
had you in your correspondence mentioned that no intimation had been given regarding maintenance of minimum balance .?
ajay sethi
(Expert) 08 July 2013
HDFC bank website mentions Eligibility requirements
Any one of the following conditions to be fulfilled:
A Savings or Current Account, sole or joint, with HDFC Bank
Maintain an Average Quarterly Balance of Rs. 2 Lakh in your Savings Account
Maintain an Average Balance of Rs. 5 Lakh in your Current Account
Maintain a minimum Average Monthly Balance of Rs. 15 Lakh across all your accounts (Savings, Current and Fixed Deposits*)
The requisite balance can be maintained over your accounts and over those of your immediate family members
* The tenor of the Fixed Deposits should be at least six months.
R.K Nanda
(Expert) 08 July 2013
contact said bank officials.
dushyant upadhyay
(Querist) 08 July 2013
thanks Mr. Sethi, i have visited bank official and wrote to the grievance redressal but they have completely denied to refund the money but i would like to have legal recourse in this matter. how can a bank impose a charges and deduct our hard earned money without informing.
and they donot do it in case of selling their credit card and other product. their executive will follow up you until the product is sold.
i am just writing here to seek some recourse how can it can be challenged.
please reply
ajay sethi
(Expert) 09 July 2013
complain to bank ombudsman .in case you dont get any relief from ombudsman then you can move consumer forum for deficiency in service and for refund of Rs 3600 with interest . since you are an advocate you wont incur any legal expenses as you can file complaint on your own
close your account now . since now you are aware of the minimum balance requirements you wont have any excuse for not maintaining the same prospectively .
