DP Charges Fraud Bank?

Question

I have a Demat account in your bank for 6 years now. When I checked my bank transactions and I found that there is one debit transaction " 30/12/2015 30/12/2015 48980723 DP CHGS TILL NOV-15 1, 660.25" . When I created the Demat account, I was not told about the DP charges, it was told me by the bank representative that it is free of cost and it will never be charged and also I did not get any message alert in my mobile which is registered with mobile banking with bank How can this amount be deducted without MY knowledge? This is completely unacceptable and please refund my amount.

Answer 1

Dear Ashok

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 complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

Banks do levy annual maintenance charges for Demat accounts, unless the same was opened under any special offer from the bank, say some corporate arrangement.  If your Demat account is linked to your salary account as per MoU with Employer, you can seek reversal.  Before taking it up with your home branch, do get a clarification regarding the levy of charges.  You can also request your employer too to look into, provided you have a salary account.  However, since you say that the Demat account is being maintained for about 6 years, you should also check the status during the past years, because if Bank has levied charges for the first time in six years, there should be a solid reason.  Please check on the facts from the bank branch and proceed accordingly.

RAJA