DP - charges debited from my savings account.?

Question

I have a Savings account bank for 3 years now. Toady, when I checked my bank transactions and I found that there is one debit transaction 0008 DP CHGS TILL OCT15'---- INR 570'.However, when I had created the Demat account, bank representative told me by that the demat is free and i will not be charged for that.Only after this assurance i opened the demat account. Also I did not get any message alert in my mobile which is registered with mobile banking with bank My bank account number is XXXXXXXXXX8388 This is completely unacceptable and please refund my amount asap. Also i want to know the procedure to close this Demat account.
 

Answer 1

Dear Sandy

Not really sure as to what the bank representative stated to you.  But, generally the Demat account for the first one year come free of charges and thereafter, the banks levy annual maintenance charges.  If you do not have any holdings and never did any transactions, do approach the branch manager with a written request for reversal of the charges and closure of the account.  If positive response is not forthcoming from the bank, you may complain to their management / BO.  The process is given here under.

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 days, lodge your complaint with the Banking Ombudsman (either through letter or email)

RAJA