Unauthorized SMAB Charges?

Question

I've been an bank customer for more than 10 years now. I had maintained some balance in the account and for the past couple of months have not been using the savings account effectively. Now when I see, they had taken nearly Rs.2029 as SMAB charges every month for the past one year. This is ridiculous. I would like to raise the issue with the concerned so that the bank is not robbing the customers in terms of charges and fees. Atlast, they are doing business with customers money and ripping them in the name of charges for using it. This SHOULD be stopped. Please take necessary action against this corporate robbers

Answer 1

Dear Nandhu

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

You may have to recheck the scheme of your account with the bank and the relative charge structure.  The charges seem to be levied due to non-maintenance of minimum average balance or certain transaction charges.  If you are sure that the deductions were arbitrary, not as per the scheme and unwarranted, please get in touch with the in-charge of your home branch with a written complaint, seeking reversal of the debits made.  In the absence of proper and positive response from the Branch Manager, you may further escalate the complaint to the Bank's management and may even to the Banking Ombudsman.  The process flow 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 days, lodge your complaint with the Banking Ombudsman (either through letter or email)

RAJA