Rocker (n/a) 09 May 2011

Private Sector Bank deducted money

Without giving any warning a private sector bank deducted Rs. 825 claiming that average quarterly balance has not been maintained for savings account. As per them Rs. 10,000 needs to be maintained per quarter in savings account. I have one sweep in FD account having Rs. 12,000. It was funded from savings account and is also linked to my savings account for withdrawing money any time i.e. I can any time withdraw Rs. 12,000 or part from ATM if I desire. But the bank says they are not going to consider this FD sweep in amount linked to savings account as part of savings account.

Any possibility of recovering Rs. 825?

Reply Follow

3 Replies

RAJU O.F., (Advocate) 22 May 2011

You may succeed in recovering the said Rs.825/ - after spending more than that. Better leave it.

rajeev sharma (Advocate Ex senior manager law ) 24 September 2011

depending on the terms and condotions of agreement between you and your bank you may file a complaint before consumer foroum. you need not to hire any advocate for that .

Kumar Doab (FIN) 25 September 2011

We have seen HDFC bank has waived AQB charges in many cases. The customer has to lodge a complaint to BM that bank has not supplied communication in writing and did not obtain his written consent. Customer may mention that bank has violated guideline 4(d) of BCSBI and RBI guidelines.

As per publication in Dainik Bhaskar dated 11 Aug, 2011 Karnataka High Court has ruled in case of PIL by Mr.T.S. Muttukrishnan that if the bank levies penalty etc in case of low balance or zero balance then bank shall have to not only refund the money debited/levied by them but shall have to pay interest also as a penalty. Mr. Muttukrishnan had complained that banks are levying hefty penalties claiming non maintenance of minimum balance.

Kindly ask BM of the bank to supply the amount of minimum balance on his bank letterhead under his original seal and signature and corresponding law of the land vide which bank can order the customer to keep this specific amount and failing which bank can collect cash from his amount as penalty.