Deduction on my Salary Account without my knowledge?

Question

Hi, This is in reference to the transaction made into my account without intimating me by bank. An amount of Rs 566.42 has been debited on 29 Oct 2015 from my salary account, mentioning about "DEPOSITORY CHARGES SEP15 - 724631" with regards to my demat account. I have never used this account. When the account was opened, bank executive told that it would be absolutely free. This is clear exploitation of customers. Kindly help me to deactivate this demat account and refund the amount back. Regards, Jay

 

Answer 1

Mr Jayant,

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.

When Demat account is opened, normally, first year AMC charges are free and thereafter DP AMC are levied. Even if you do not activate the Demat account, Bank will levy AMC charges unless the Bank has given you in writing for lifetime waiver of AMC. If you have been misled by the Bank Executive, you may escalate the issue to the nodal officer - grievances whose coordinates (contact) would be available on the Bank's website. If you do not get satisfactory response from the nodal officer within a reasonable period, you may approach Banking Ombudsman for resolution of the issue.

Regards

Deepak