Demat Charged?

Question

Sir i have a salary account account no- xxxxxxxxxx9949 suddenly i found they have blocked my balance 561.00 rupees. i called their customer care number and one of the executive told me i have been charged for demat account.to get proper information i visited my nearest branch and according to the branch manager i also had a different salary account and a demat account which i have not closed yet. as per their concern i had not charged 1100.00 rupees for the demat account before that is why the have blocked 561.00 rupees from my running account . now i have few question about this. 1.can a customer open several salary account by using same documents? 2.i am using this account since may 2015 always i maintain more than 2000.00 rupees in my account they they did not charge me under these month of may jun, july, augest, september? 3.while i am running a demat account when they should charge me the amount according their terms and conditions? 4.can they charge me from one account to the different account? 5.why the bank guy told me demat account is free of cost? 6.the pan car which i am using since 2009 that help every time to open any bank account then why bank manager telling my i am not using a original pan card? please help to get my balance 561.00 rupees as soon as possible

Answer 1

Ms Anshu,

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.

As regards your query of two salary accounts, those can be opened provided you have filled up two separate account opening forms. If you had filled up one form and two accounts got opened without intimation to you, it could be Bank's fault. Normally, Demat account is opened free of charge with waiver of first year maintenance fees unless you have been told/given in writing for life time waiver of AMC of Demat account. Since your inoperative salary account was linked to your Demat account, Bank could not recover Demat AMC from that account as it did not have balance. When they got to know about your other account, a lien was marked on the operative account. Banker has got paramount lien on balances for recovery of dues, so it is possible to mark lien on the other account of the same customer.

The issue of original PAN card is not clear from what is narrated in the mail. If you were not told about Demat account AMC from 2nd year onwards and you have not signed any schedule of charges for Demat account, you may escalate the matter to the nodal officer - grievances whose coordinates (contact) would be available on the Bank's website. If you do not get satisfactory response from nodal officer within a reasonable period, you may approach Banking Ombudsman for resolution of complain.

Regards

Deepak

Comments

Please read name as Mr Gopal,