Hdfc deducts balance due to low average quater balance

Querist : Anonymous (Querist) 11 August 2011 This query is : Resolved
iam saving account holder of hdfc bank and they had debit my account by Rs.1643 due to low average quater balance(AQB).is there any law so that i can have a refund of my money

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DV Rao Advocates-Hyderabad, (C (Expert) 11 August 2011
It can be by any bank. For more details: www.dvrao.com

ajay sethi (Expert) 11 August 2011
all banks have laid down detailed guidelines as to minimum balance that has to be maintained on quarterly basis . for instance in ICICI bank if you dont maintain average balance of Rs 10,000 / on quarterly basis bank levies QAB charges .

in case you are not in position to mainatain average balance close your account and shift to public sector bank wherein charges are lower .

Adv Amit Kulkarni (Expert) 11 August 2011
recently Hon'ble HC Madras has clearly said that nationalised bank can not charge penalty for non mantainance of minimum balance..

R.Ramachandran (Expert) 11 August 2011
Unfortunately, HDFC Bank is not a nationalised bank.

M/s. Y-not legal services (Expert) 11 August 2011
i think you can not.. all banks collecting various charges for non maintaining minimum balance.. soon RBI going to fix a nominal structure for this issue..

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