SMAB Charges 513 rupees?

Question

Hello Sir/Madam, My name is Siddhesh Sameer Acharekar, and i am writing in regards of the SMAB charges of Rupees 513 SMAB Chgs SEP15+Stax63.00 being taken out of my account on 31/10/2015. bank didn't warn me about the charges, they didn't send me any correspondence whatsoever ; they just took the money out of my account without my authorisation, which is totally not acceptable. when i opened the account; i was told its a zero balance account and don't need to maintain any balance.So taking the money out without my authorisation is an act of forgery.I am more than disappointed with bank and know there are many others who are facing the same issue.I didn't expect such uncivilized banking from a bank of this calibre.So now i want a correspondence from you guys why the amount was deducted just after i transferred huge amount in the account? why wasn't i charged when the my balance kept hovering between 200 and 500? and just after i transferred and my balance went above 1000, you guys took out the money?...unbelievable this is so not acceptable bank team. i know now you guys must be having some hidden conditions or policies but we guys were unaware about it.So you guys need to educate people about such deductions or you should create a system about informing the customer before deducting even a penny from the customers account which will result in effective banking and maintaining relations.Because i know for sure because of this con, you guys are going to lose many customers.But this won't affect your revenue which is 103 billion USD, will it? but sure it will affect your goodwill and faith of your customers. I want to stay with bank unless you guys provide me with a suitable resolution for getting the money back because i am an common man with common money. I don't feel secure about sharing my account details on the internet so i am giving you my mobile no. and email to contact. Regards, Siddhesh Acharekar

Answer 1

Dear Siddhesh

At the outset, let me clarify that this site is designed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any query / complaint / grievance in respect of financial services.  This site does not belong to any Bank or a Regulator, which may please be noted.

Levy of charges for non-maintenance of Monthly/Quarterly average balances is a common practice of the Banks.  The charges vary depending upon the scheme that you have opted for, while opening the account.  The 'Account Opening Form' always contains a declaration, wherein you assure to maintain certain average balance in the account.  Please check on the facts.  If you are sure that you were told that the account comes with a 'zero' balance and do have a copy of the AOF, you may take it up with the Bank's management / Banking Ombudsman for reversal / refund of the charges.  The process is as follows.

1.    Go to your Bank’s website and search for grievance redressal (or similar name) button and submit your complaint online.

2.    If you do not receive any reply / satisfactory reply within 10 days, lodge your complaint with the Nodal officer of the Bank (either through email or letter)

3.    If you do not receive any reply / satisfactory reply within 10 days from the Nodal officer, lodge your complaint with the Principal Nodal officer of the Bank (either through email or letter)

4.     If you are still not satisfied with the reply / do not receive reply from the Principal Nodal officer within 10

RAJA