Demat charges?

Question

I have reduced an amount of 548 from my savings account. From statement I have found that they deduct it for demat charges. The strength thing is that I have not open any demat account so far. They have not even bother to send any message /mail while cut the amount though for other transaction they use to send atleast an email then and there. I have contact to cuatomer care several times. They told they have logged a complaint ticket for me and there bank executive will reach out to me within 2 days. But after 1 month I have not yet received any call. I have sent one mail but did not get proper response. To all  customer, be aware from this Bank.

Answer 1

Dear Subarna

If you have not opened a Demat account, the bank can not deduct the charges from your savings account.  I assume, probably you must be having a salary account and at the time of opening the same, the bank officials might have also obtained a Demat application from you and charges might have been levied on completion of one year.  Please do check the correctness and take up appropriately with the Bank and also with your employer.  In case the bank branch is not responding, you may approach their management / BO as per the appended process.

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