Demat account dp charge fraud?

Question

I've found several discrepancies in the bank statement with respect to the savings bank account I have in bank There are several unwarranted deductions.

The deductions are all dp charges-Demat account charges.


Also I've seen that these are faced by several other bank customers as I have noticed in Consumer Complaints forum.


I mailed the bank customer care 

But the Customer care guys says that Its deducted regardless of transactions made, but I've not even activated demat account.


I do not hold any demat account.Also I've never logged into any demat account.Its just that one of the folks called me repeatedly and asked me to get an account and activate it.I clearly rejected the offer and never activated any such account. None of the accounts will be activated unless I login and activate such an account.I clearly have not logged in and have not activated any such demat account.


The customer care guy says that I need to fill closure form but the debited account will not be returned, this is utter fraud on the part of  bank to deduct money for an account never activated.

We dont even receive notification on mobile when such money is deducted.Its a web of fraud weaved by  bank as can be seen clearly.

The fact that dp charges will be deducted is not conveyed to the customer at any point in time-no mail communication, no mobille communication.

I NEED MY MONEY BACK.

Answer 1

Dear Lathen

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.

Please note that every financial institution, which opens Demat accounts would levy annual maintenance charges, irrespective of the fact, whether you have transacted or not.  If you transact in your Demat account, there would be additional "transactions charges".    However, if your statement is true that you never opened a Demat account, do complain in writing to the home branch / Bank for refund of the charges.  The bank is not in order in recovering Demat charges, when you never had an account as such.  If no positive response is received from the branch, initiate the process given hereunder.

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