Bank aaccount opened for minors now charges lieved in accounts
biju
(Querist) 19 March 2015
This query is : Resolved
Dear Sir,
I had opened a an account with Kotak Mahindra Bank. When the RM convinced to open he didn't inform us about the hidden clauses and made us sign few documents which was not possible to read all of them, but few I just ran through. But now after few months of opening they kept on charging AQB charges. When checked they are saying that you have signed a form where the minors will be charged if not maintained avg. balance of 5k or the parents account should be above avg. ( i.e parents avg. + minors avg). So now we are in trap because all those information earlier given by Kotak staffs were all false and the trust turned to stabbing. They informed us it is free from maintainance charges and is zero balance account. We feel cheated but because of this form which we signed we are been trapped. And even the balances which we had in our kids account is been in nagetive balance as every month they are dedicating this charges we had open in good faith and to save something for our children but this is what happens when we open an bank account with bank might well we chould have invested in some other thing rather than loosing our hard earned money by opening a bank account. Request you to help us and guide to have we can justify our innocence were we where not at all aware of what the bank norms were because all told to us was wrong a vide. Kindly help to how we can take this forward with RBI so that this may not be targeted to other familes like we fell into the trap.
Regards
Biju Vakkachan
9929323370
DR.VEDULA GOPINATH
(Expert) 20 March 2015
dear questioner
I feel KMB is not following strictly guidelines of RBI.
Due to customers apathy and indifference of not making a hue and cry and not complaining to RBI, they are successfully continuing slashing hidden costs on small customers which will help their profiteering.
More often than not, most of Bankers will not furnish copies of documents executed by customers. Customers also will not insist for keeping a copy with them while giving documents to Banks.
This attitude should be resisted by customers. If RBI views certain lapses very seriously, the Bank is running the risk of cancellation of licence for that particular Branch.
As per recent new scheme promulgated by Hon. New Prime Minister, Bank should open bank account with zero balance. After one or two years operations, the customers are eligible for small loans which are furnished by Government.
You can give a complaint to RBI
dr vedula gopinath advocate
T. Kalaiselvan, Advocate
(Expert) 20 March 2015
You may first issue a notice the branch manager, get his reply, then decide about escalating the mater with higher office or baking ombudsman or RBI. The observation made by expert Dr. Gopinath above is true and that is what is prevalent in almost all such private banks.
biju
(Querist) 21 March 2015
Dear Sir,
But after we have written to the bank and nodal officer they have reverted back with a scan copy of a copy signed by us during opening of a/c's which we had signed blank than as per instruction of the staff. So now though we are innocent still we are made the sacrificial lamb because we trusted the staff and on good faith gave him what he asked for. Can we still seek help of RBI keeping the fact in front of them or we remain as at fault for being sincer. Please request a very support response
Regards
Biju Vakkachan
T. Kalaiselvan, Advocate
(Expert) 21 March 2015
If the matter is at ignorable level and not worth pursuing and also if you dont have sufficient time, energy and money to follow the petty issue, better to ignore it and look for some other thing worthy enough during that time.
