I am being grounded by Axis Bank because I have opted Mutual Fund SIP Transation from this Bank Account.
Long back, I opted for monthly SIP Scheme for a Mutual Fund and I choose Axis Bank this time ( Initially I use to do the same with CITI bank ). Now, as I am keeping my Account Low , so that the amount of monthly SIP in MF could not get deducted from this account, however to my surprise, this bank Charges Rs.500 per failed transation.
As from my previous experience with Citi Bank, they never does this charge and also I read in the Mutual Fund Statement, that If I failed to maintain the minimum SIP amount, no Charge is leived from the MF side. However, I countacted Axis bank for this and they are saying its the Law they have from a long time and is mandatory for every MF transation.
Now, I am confused, is this depends on individual bank? or Axis Bank is Cheating? Coz I think there is no such Indian rule which let the bank charge for any Failed MF transatio due to low balance.
if yes, Can anyone help me how to screw this bank or if no, do we really have such a disguisting rule where some bank charge and other are so generous to leave this money?